The IlluminOss system is used for the treatment of a variety of traumatic, fragility and pathological fractures
HealthpointCapital has acquired majority interest in IlluminOss Medical. Photo: courtesy of Adam Radosavljevic from Pixabay.
Private equity company HealthpointCapital has purchased a majority stake in commercial-stage medical device company IlluminOss Medical for an undisclosed sum.
Based in East Providence of Rhode Island, IlluminOss Medical provides an advanced minimally invasive technology for fracture repair and stabilisation.
The company manufactures Photodynamic bone stabilisation system, which offers a minimally invasive approach for fracture repair and stabilisation via patient-specific intramedullary implant.
IlluminOss founder and chief technical officer Robert Rabiner said: “This collaboration with HealthpointCapital will allow us to expand our patient base, finish our development, and accelerate commercialization.”
IlluminOss’ system uses a light-curable liquid polymer contained within an expandable balloon for the creation of a patient-conforming and rigid implant within the bone canal.
IlluminOss technology has more than 110 patents in the US and globally
The technology, which is specifically suitable for the elderly patient population, allows increasing stability for osteoporotic and compromised bone and early mobilisation. It can also be used along with cleared plates, screws and nails for supplemental fixation in a compromised bone.
The IlluminOss system secured CE mark approval in Europe, as well as received clearance from the US Food and Drug Administration (FDA) to treat a variety of traumatic, fragility and pathological fractures.
According to the company, more than 4,000 procedures have been conducted using technology in Europe.
HealthpointCapital will collaborate with the IlluminOss team to support the growth and expand regulatory approvals for additional anatomical indications.
The IlluminOss technology has more than 110 patents in the US and globally, and additional patent applications under pending.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, and Knobbe Martens Olson & Bear and Knobbe Martens Olson & Bear served as legal counsel to HealthpointCapital, while Greenberg Traurig provided legal counsel to IlluminOss Medical.
HealthpointCapital president Mike Mogul said: “IlluminOss has developed an ingenious solution for many challenging fracture indications. It can benefit a range of patients, including many of those treated conservatively today and help return them faster to normal activity.”
In May 2019, HealthpointCapital agreed to purchase a majority stake in US-based medical device firm, CrossRoads Extremity Systems, for an undisclosed sum.