Imperial Innovations invests £4 million in Stanmore Implants
The company announced on 20 July that it had received £4 million in equity investment from Imperial Innovations Group plc.
This news follows the announcement in June that Stanmore had received US FDA 510k approval for its Juvenile Tumour System (JTS) non-invasive extendible distal femoral replacement, for use in paediatric orthopaedic oncology surgery.
The JTS implant is used to replace large sections of the distal femur (thigh bone) that have been removed during surgery, often to treat cancer. Previously patients had to undergo multiple, painful surgeries in order to lengthen their implants as they grew. The JTS implant uses an electromagnetic device in order to lengthen the prosthesis without the need for surgery, anaesthesia or sedation, thus reducing the risk of complications.
Stanmore is now launching the JTS in the United States market and the proceeds will be used in part to help build a specialist sales force for this product. The proceeds will also be used to support the development of Stanmore’s other new technologies, which include the Savile Row System, the world’s first fully personalised early knee replacement surgery system that combines patient specific implants with a proprietary robotic intra-operative system, and ITAP, a novel approach to enabling the direct attachment of an exoprosthesis to the skeleton of amputees, thereby giving the patient greater mobility and comfort over traditional socket based systems.
Prior to this funding round, Stanmore had previously raised finance from Abingworth, Ivy Capital, and MDY Healthcare plc.
Posted on Monday, 01 August 2011