• Company developing its innovative InDx Implant System for thumb base joint arthritis

• Creation of 20 new jobs ranging from recent graduates to senior executives in various roles

• Recent €12.8 million Series A financing the largest medical technology fundraising so far in Ireland in 2024 and the largest orthopaedic fundraising ever for an indigenous Irish startup company

19 July 2024, Galway, Ireland | Loci Orthopaedics Ltd, a clinical stage orthopaedic medical device company, marks the official opening of its new office in Ballybrit Business Park, Galway, by Hildegarde Naughton, TD, Government Chief Whip and Minister of State in the Department of Education. The company is also pleased to announce the creation of 20 new jobs, ranging from recent graduates to senior executives in research and development, quality management and regulatory affairs, bringing its total team in Ireland to 32 employees.

Hildegarde Naughton, TD, Government Chief Whip and Minister of State in the Department of Education, commented: “I’m delighted to attend the official opening of Loci Orthopaedics’ new office in Ballybrit Business Park and welcome the creation of 20 new high skilled jobs in our local community in Galway. This is an important week for Loci Orthopaedics following the successful closing of a €12.8 million Series A financing round on Wednesday, investment which will drive the future growth of the business.

Through focused and sustained investment, the Government is committed to creating the right conditions for innovative companies such as Loci Orthopaedics to succeed. In Galway we have a thriving ecosystem of medical technology start-ups, developing novel solutions for various unmet clinical needs, many of which have originated from the BioInnovate Ireland Fellowship programme.

The Government is immensely proud that indigenous companies such as Loci Orthopaedics are at the forefront of international medical technology, which continues to strengthen Ireland’s reputation as a global hub for innovation in this sector.”

Barry Russell, CEO, Loci Orthopaedics, added: “The opening of our new office and expansion of our team in Galway represents a significant milestone for Loci Orthopaedics and we are honoured Minister Naughton, TD is here to celebrate this event with us.

The recent successful €12.8 million Series A financing from leading international investors, the largest medical technology fundraising so far in Ireland in 2024 and the largest orthopaedic fundraising ever for an indigenous Irish med-tech startup company, strongly endorses the potential of our InDx Implant System. We are excited to strengthen our team with 20 new high skilled jobs in Galway, as we expand our clinical programs and prepare regulatory submissions in the US and EU.”

Gerry Clarke, Co-Founder and CTO, Loci Orthopaedics, added: “Our innovative InDx Implant System has the potential to transform the lives of the growing number of underserved patients suffering from thumb base joint arthritis, a painful and disabling condition. With exciting positive preliminary results from our initial clinical investigation, we look forward to building on our progress to date and expanding our team as we seek to bring this innovate solution to market for the benefit of patients, surgeons and healthcare systems.”

Loci Orthopaedics develops novel technologies that target major unmet clinical needs in orthopaedics extremities. The company’s primary device, its patented InDx Implant System, is an innovative, evidence-based implant for thumb base joint arthritis. Thumb base joint arthritis is a highly and increasingly prevalent condition, which is estimated to actively affect up to 5% of the US and EU population and 100 million people worldwide(1).

The InDx implant is designed to replicate the functional biomechanics of the thumb base joint, with the aim of restoring natural motion for those affected by this painful and disabling condition. InDx’s novel design and biomechanics have the potential to address the limitations of current thumb implants which are often unsuccessful and are prone to both dislocation and movement post implantation.

Loci Orthopaedics recently announced the successful closing of an oversubscribed €12.8 million Series A financing, the largest medical technology fundraising so far in Ireland in 2024 and the largest orthopaedic fundraising ever for an indigenous Irish startup company. This brings the total grant and equity financing the company has raised to over €22 million. The Series A financing, will enable the company to strengthen its team, augment the initial clinical investigation which indicates positive preliminary results, and develop additional clinical programs to support regulatory approval applications and future commercialisation in different geographies.

(1) Zhang Y, Niu J, Kelly-Hayes M, Chaisson CE, Aliabadi P, Felson DT. Prevalence of symptomatic hand osteoarthritis and its impact on functional status among the elderly: The Framingham Study. Am J Epidemiol. 2002 Dec 1;156(11):1021-7. doi: 10.1093/aje/kwf141. PMID: 12446258.

About Thumb Base Joint Arthritis
Most activities that involve grasping or pinching are possible because of the thumb’s remarkable range of motion. Dexterity, however, comes at a price – an increased risk of osteoarthritis (OA) in the first carpometacarpal (CMC) joint, where the thumb meets the trapezium bone in the wrist. Thumb arthritis is common with aging and occurs when cartilage wears away from the ends of the bones that form the joint at the base of the thumb.

Thumb arthritis can cause severe pain, swelling, and decreased strength and range of motion, making it difficult to do simple tasks, such as turning doorknobs and opening jars. Treatment generally involves a combination of medication and splints. Severe thumb arthritis might require surgery. It is estimated that 5% of the population have symptomatic thumb base joint arthritis which causes significant hand pain and has a major negative impact on quality of life1.

About Loci Orthopaedics
Loci Orthopaedics was founded by Mr Gerry Clarke and Dr Brendan Boland as a concurrent spin-out from the University of Galway (Ireland), University College Cork (Ireland) and KU Leuven (Belgium). The company develops orthopaedic technologies to meet major unmet clinical needs with a primary focus on the orthopaedics extremities market. The company focuses on evidence-based design to ensure that its technologies are physiologically optimal to restore natural movement for superior clinical outcomes. Following the recent Series A financing, to date the company has raised over €22 million in grant and equity financing. See more information at www.lociorthopaedics.com.