OrthoSpin, an Israeli startup providing a smart robotic external fixation system, raised $5 million in a Series B financing round led by Johnson & Johnson Innovation (JDC) together with the Trendlines Group, the company said this week. This is Johnson & Johnson Innovation’s second investment in OrthoSpin.
Founded in 2014, OrthoSpin developed a robotic, digitally-enabled external fixation system for orthopedic treatments. The company said it has completed initial clinical cases in the US and Israel with the FDA-cleared OrthoSpin Generation 1 system, which makes pre-programmed adjustments automatically without the need for patient involvement.
Integrated software enables physicians to chart patient progress, and, when required, immediately adjust treatment programs. The OrthoSpin system potentially reduces or eliminates the need for in-person weekly follow-up, the company says.
“We are delighted to have this investment and support from JJDC and Trendlines as we continue the development of OrthoSpin’s Gen 1 and Gen 2 systems,” said Oren Cohen, CEO of OrthoSpin, in a statement. “We continue to receive very promising feedback from physicians in the field regarding the Gen 1 system. The funding and close ongoing relationship with JJDC will enable us to accelerate Gen 2 product development and move into clinical use with the Gen 2 system later this year.”
“This investment is an important step in bringing OrthoSpin’s system to market,” he added.