The corporate team at Penningtons Manches Cooper has advised Oxford University spin-out Orthox Limited on the completion of a further $4.3 million (£3.2 million) to close its $12.5 million (£9.2 million) Series A financing round. The financing will support further clinical trials of its lead product, FibroFix™, at Southmead Hospital Bristol, UK and in Budapest, Hungary.
Orthox is a clinical stage company developing medical devices to repair damaged cartilage and other orthopaedic injuries. Orthox’s FibroFix™ technology, originating from Oxford University, is a revolutionary tissue scaffold based on fibroin, a tissue regenerative protein extracted from silk fibres. FibroFix™ products have the potential to address an annual market in the knee joint alone estimated at over $2 billion.
Penningtons Manches Cooper has advised Orthox since early in its development on a range of corporate and other matters. The team who advised on this latest round of funding was led by corporate partner James Went and included support from corporate tax associate Leonie Langley on EIS matters.
Commenting on the financing, Nick Skaer, co-founder and CEO of Orthox said:
“This $12.5 million Series A financing round from a range of high quality medtech investors reflects the strong progress we are making with our award winning FibroFix product platform. I’d like to thank James Went and the Penningtons Manches Cooper team for their continued support and expertise as we continue our journey.”
James Went, corporate partner at Penningtons Manches Cooper said:
“We are delighted to have advised Orthox on their latest funding round. It’s a great team and company with fantastic potential to help people with orthopaedic injuries. We look forward to continuing to support them as they take their technology forward.”
The current financing was led by Parkwalk, the UK’s most active investor in the university spin-out sector, joined by existing shareholders including Oxford Technology & Innovations EIS Fund (OTIF), advised by Oxford Investment Consultants LLP, and Perivoli Innovations. New investors participating include life science fund managers, Additio Investment Group.