X-Bolt secures $3.5m from backers
BVP leads round with Ascentifi, Amalfi, Medtech HBAN, and some of Ireland’s leading orthopaedic surgeons also participating
BVP leads round with Ascentifi, Amalfi, Medtech HBAN, and some of Ireland’s leading orthopaedic surgeons also participating
CHARLIE TAYLOR : BUSINESS POST : 29/10/2023
X-Bolt Orthopaedics, the Dublin-based medical devices maker, has raised $3.5 million and is aiming to raise up to $1 million more before the end of the year as it seeks to scale in the US.
The company’s founder, former orthopaedic surgeon Brian Thornes, is well-known for having previously invented TightRope, an ankle device implanted into injured sporting stars, particularly in American football.
Thornes is seeking to repeat that success with the Pro-X1 trochanteric nailing system for use in hip fracture procedures. The solution received clearance from the US Food and Administration (FDA) earlier this year, allowing the company to commercialise the product.
The Pro-X1, like TightRope, is a replacement for screws traditionally used in treating fractures. The device has been shown to reduce the need for repeat surgery.
Speaking to the Business Post, Thornes said the company had a pipeline of products to come. "The investment is to commercialise the Pro-X1 product and then we'll need to raise again based on future prospects," he said.
"With rules surrounding the Employee Investment Incentive Scheme (EIIS) set to change shortly, we're also looking at topping up this year with plans to talk to up to ten individuals to raise between $500,000 and $1 million."
Thornes said X-Bolt intended to seek approval allowing it to sell its product in Europe at some point but that it was not a priority. "Unfortunately, medical devices regulation has become tougher in the EU and that is coupled with lower margins, meaning that our focus right now is on the US. We'll then use the clinical cases we have in the US to look to get approval in the EU," he said.
BVP led the recent fundraising round for X-Bolt with Ascentifi, Amalfi, Medtech HBAN and some of Ireland's leading orthopaedic surgeons also participating.
"X-Bolt has huge potential and Brian's previous success in developing and licensing TightRope to a large medical company is a good indicator of the success the company could achieve now," Elliot Griffin, founder and managing partner at BVP, said. "Brian has shown us a clear route to market with clinics identified across four or five states in the US where surgeons have shown a willingness to trial the product." Griffin said BVP was due to announce at least two more EIIS-related investments before the end of the year.