Ireland-based medical device company Loci Orthopaedics has raised €12.8m ($13.98m) in a Series A financing round to advance its InDx Implant System intended for thumb base joint arthritis.

The oversubscribed financing round was led by new investors Johnson & Johnson Innovation, Seroba, JJDC, and the European Innovation Council (EIC) Fund.

The InDx Implant System is an evidence-based solution designed to address the clinical needs in orthopaedics extremities, specifically thumb base joint arthritis.

It is designed to replicate the thumb base joint's functional biomechanics, potentially overcoming the limitations of current thumb implants that are prone to dislocation and movement after implantation.

The Series A financing will facilitate the expansion of the device’s initial clinical investigations, which have shown positive preliminary results.

Additionally, the proceeds will support further clinical data development for regulatory approvals and future commercialisation in various markets.

Loci Orthopaedics co-founder and executive chairperson Dr Brendan Boland said: “With a growing patient population, our InDx Implant System has the potential to provide surgeons and patients with a less invasive and more effective treatment for this condition.

“This funding will enable us to expand our clinical programs, submit regulatory approval applications in the US and EU and accelerate our efforts towards future commercialisation.”

In October 2023, the company completed the enrolment of a 15-patient clinical study for the InDx Implant System.

Named Thumb Hemi-Arthroplasty with Natural Kinematics, the study was designed to assess the device’s surgical implantation and measure improvements in pain, grip, and quality of life for patients with thumb base joint arthritis.

The clinical study’s results are anticipated to be released later in the year.