Raises $4 Million in New Equity Funding
ALBSTADT, Germany, Oct. 5, 2023 - Inovedis GmbH, a medical technology start-up dedicated to offering innovative solutions that contribute both to optimized patient care as well as minimizing the complexity of surgical interventions, announced the successful close of a Series A funding round totaling $4 million. This funding was supported by participation from all of Inovedis's initial seed round investors including High-Tech Gründerfonds, MBG Mittelständische Beteiligungsgesellschaft Baden-Württemberg, Volksbank Albstadt ChancenKapital, Start-UP BW Innovation Fonds, angel investors, and an initial investment by Renolit SE, the current manufacturer of the SINEFIX implant.
Inovedis will use the recent funding to support the commercial launch of the SINEFIX® implant system in the United States where there are over 1 million rotator cuff surgeries each year. The funding will also go towards sponsoring a clinical study taking place in Germany to generate data needed in support of CE marking and expansion of sales into Europe.
SINEFIX allows refixation of the rotator cuff tendon to bone with a simplified surgical technique optimized for minimally invasive surgery. The new technique requires minimal instrumentation, and removes the complexity of suture management and knot tying which is time-consuming, and requires an extensive range of instruments.
According to Prof. Dr. Philip Kasten, orthopedic surgeon and lead investigator in the SINEFIX CE mark clinical study, "Approximately 70% of all patients have a partial thickness rotator cuff tear, while only 28% have a full thickness tear. SINEFIX offers an effective treatment solution for small and partial thickness tears. In contrast to current treatment options, there is no need to detach the tendon completely prior to reattachment and fills an important gap in treating rotator cuff patients."
"The SINEFIX surgical technique will shorten the procedure time and potentially improve the tendon to bone fixation while using less implants," says Dr. Stefan Welte, inventor of SINEFIX and co-founder. "This is due to the higher pull-out forces than double row fixation with suture anchors allowing the implant to be used in porous bones. This simplified technique is designed to reduce the risk of complications due to surgical errors and significantly shortens surgery time, contributing to time and cost savings in clinical surgeries."
"The new funding brings significant financial capital to accelerate the launch of SINEFIX and innovations that promote improvements in the way rotator cuff tears are treated today," says Lukas Flöss, Founder and CEO. "We are looking forward to starting a limited market release in the U.S. to begin gathering experience around SINEFIX and working on future product generations."
ABOUT INOVEDIS
Inovedis GmbH is a medical technology start-up dedicated to offering innovative solutions that contribute both to optimized patient care as well as minimizing the complexity of surgical interventions. Since its founding in 2019, Inovedis has been developing SINEFIX™ to simplify rotator cuff tear surgery and improve patient outcomes. SINEFIX received FDA clearance in 2023.
SINEFIX is not approved for sale outside the U.S.
To learn more, visit our website and follow us on LinkedIn.
MEDIA CONTACT:
Lukas Flöss, Founder and CEO
Lukas.Floess@Inovedis.de
Phone: +49 (0) 7432 - 13099 20
