Metal implants can cause unwanted removal surgeries, associated complications and an unnatural healing environment for patients. OSSIOfiber, developed by an orthopedic fixation company called OSSIO, is a proprietary material technology that leaves no permanent implant and removes the need for subsequent hardware removal surgery. The technology fosters natural bone growth and is reabsorbed over time.
OSSIO recently announced a $22 million Series A venture investment round led by Los Angeles-based OCV Partners. This brings the company’s total venture funding to $35 million. This technology received FDA 510(k) clearance in January 2019. The company said it will use the money to speed up strategic growth initiatives, including talent acquisition, commercialization, new product development, and operational expansion.
In January, the U.S. Food and Drug Administration (FDA) gave OSSIO 510(k) market clearance for its OSSIOfiber. The OSSIOfiber is a first-of-its-kind implant system that uses a proprietary bio-integrative material to provide stability and maintain the alignment of bone fractures, osteotomies, arthrodesis and bone grafts.
The platform offers physicians and their patients a new category in fixation implants and provides an unprecedented combination of mechanical strength and natural bone healing in a non-permanent implant.
While OSSIOfiber will have broad application across the spectrum of orthopedic fixation, its first commercial use is focused on the foot and ankle segment for the treatment of forefoot conditions where hardware removal surgeries are prevalent.
“Following receipt of FDA clearance in January, we are moving forward with the commercial launch of OSSIOfiber™in the United States. This financing provides us with the necessary capital to accelerate our core strategic growth initiatives to ensure we have the inventory and support to meet the anticipated demand for the OSSIOfiber™ technology,” said Brian Verrier, CEO, OSSIO. “We are honored that OCV, Ortho Vision and Secocha Ventures, together with the rest of our strong group of investors stand behind our breakthrough fixation technology and our overall vision to transform the orthopedic experience for patients, physicians, and payors.”