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Firms queue up for slice of $28m IlluminOss funding round

27 Sep 2012

Tekla Capital Management and Life Sciences Partners were among six new investors in a $28m investment round in light-sensitive orthopaedic implant pioneer IlluminOss Medical.

Tekla and LSP co-led the round alongside debut investments from SR One, Excel Venture Management, Pappas Ventures and the Slater Technology Fund.

Existing investors Foundation Medical Partners, Mieza Capital and New Leaf Venture Partners also took part in the Series C round.

Illuminoss uses a small balloon catheter inserted into the bone and across the fracture site which is infused with a liquid, which then expands to help align the bone before being hardened using a light source.

Tekla’s Daniel Omstead, Fouad Azzam of Life Sciences Partners, Rajeev Dadoo of SR One, and Enrico Petrillo of Excel Venture Management will join the IlluminOss board as part of the investment.

Azzam said, “IlluminOss Medical has brought an exceptionally versatile and powerful bone repair system to the market.

“With compelling clinical proof and an underlying platform technology, the company is poised for exponential growth in the large worldwide market for the repair of fractures.”

Earlier this year New Leaf Venture Partners led the closure on an oversubscribed $10m financing round for prescription drug payment system providers Truveris.

New Atlantic Venture, First Round Capital and New York-focused Tribeca Venture Partners also joined in the Series B funding, which Truveris said it would use to expand its development and operations teams to stretch their reach across the US.

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