Israeli shoulder implant medical device company OrthoSpace announced that it was acquired by US medical technologies firm Stryker in an all-cash transaction that includes an upfront payment of $110 million and future milestone payments of up to an additional $110 million.
Founded in 2009, Caesarea-based OrthoSpace developed InSpace, an orthopedic biodegradable balloon system that is a minimally invasive method for rotator cuff repair. The product, marketed in Europe, Israel, Russia and Hong Kong, is for patients who suffer from a rotator cuff injury, and reduces shoulder pain and improves the range of motion. In the US, InSpace is under clinical study and not yet approved for use.
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Dr. Assaf Dekel, founder and Chief Medical Officer at OrthoSpace said “the InSpace balloon is a simple, outpatient solution that can be deployed minimally invasively, and improvements in patient pain and function are documented in numerous peer-reviewed publications.”
“With 20,000 treated patients worldwide, InSpace addresses severe rotator cuff tears for patients who have few other options,” said Itay Barnea, CEO of OrthoSpace. We are so pleased to be joining Stryker as we start this next phase of our growth in bringing InSpace to patients in need in additional countries, and I am thankful for the contributions of the OrthoSpace team and shareholders in getting us to this point.”
Previous investors in OrthoSpace include Johnson & Johnson Innovation, Healthpoint Capital, and TriVentures.