OrthoSpace, an orthopedic manufacturer out of Israel, has announced a successful round of funding for its InSpace biodegradable orthopedic balloon. HealthpointCapital led the funding, and other investors included Smith & Nephew and Triventures.
The InSpace device is a minimally invasive option for the treatment of rotator cuff syndrome, which is one of the most common shoulder injuries. The device is implanted between the acromion (the upper bone of the shoulder) and the proximal humeral epiphysis, replicating the action of the bursa (a fluid sac) during the healing process.
Currently, there are several options to treat tears in the rotator cuff, including cortisone injections, arthroscopic debridement, muscle transfers and reverse prosthesis. These treatments were compared to the use of the InSpace balloon in a study, Treatment of Massive Irreparable Rotator Cuff Tears Through Biodegradable Subacromial Inspace Balloon, Sept. 16, 2013. The results showed the InSpace device offered improvement in both pain and range of motion without any post-surgical complications.
CEO Itay Barnea said in prepared remarks that:
The technology addresses a large and growing market segment with limited treatment options.
There are an estimated 1 to 1.5 million people with untreated rotator cuff tears, which represents an estimated $750 million to $1 billion market.
InSpace received CE Mark approval from the European Union in Q2 of 2014 and is currently marketing the device in Europe and Israel. A pivotal clinical study was initiated in the U.S. in July of 2015 and is currently recruiting participants.
Co-founder Dr. Assaf Dekel stated:
With 5 years of clinical experience and over 5,000 procedures completed, we have developed a loyal following among surgeons in Europe and Israel. We look forward to expanding our footprint into new markets.