An Israeli startup developing smart implants to correct Adolescent scoliosis, announced the completion of a funding round led by Trendlines and other private investors. The company is expected to start treatments in Europe shortly
ApiFix, an Israeli medi-tech startup and developer of a deformity correction system for Adolescent Idiopathic Scoliosis (AIS), announced today (Tuesday) the completion of a funding round amounting to several millions of dollars.The round was led Trendlines Medical technology incubator and other American private investors. This is the second funding round for the company who intends to use the money toward marketing its flagship product in the European market. The exact scope of the round has not yet published.
According to the company, the market for AIS corrective surgery is currently estimated to stand at $700M, with about 70 thousand such operations being performed worldwide, every year. The conventional treatment of children suffering from AIS entails a surgery that fits spinal vertebrae with a number of metal rods and 20 screws. This is often a lengthy and complicated procedure with high costs and high risk to the health and well being of the patient.
To address the less than adequate status quo, ApiFix developed smart implants that allow surgeons to stabilize the spine using only 2 screws. The implant is fixed to the heart of the central curvature of the spine through a minimally invasive surgery that takes an average of 1 hour as opposed to the 5-6 hour traditional procedure, after which the patient undergoes physical therapy during which time the spine corrects itself over the span of several months. In physiotherapy, the implant incrementally captures improvement of the spine through a set of specific exercises that steadily brings the spine up to an optimal structural and functional state.
Marketing to Europe
ApiFix says that until now they’ve treated 15 patients with their system in their clinical trials – two in Israel at Assaf Harofeh Hospital in Be’er Ya’akov – all to great success. At the tail end of last year the company received approval from from Europe’s CE and after completing the current funding round they will begin a focussed marketing campaign of their system in Europe.
“Throughout the process of research and development we envisioned a simple and qualitative solution to Adolescent Idiopathic Scoliosis” says Uri Arnin, CEO of ApiFix. “We were able to develop an effective response and an alternative to the present standard of invasive spinal surgery that significantly reduces the scope of the surgical procedure and its recovery time.”
“ApiFix has since recorded a series of successes; from receiving CE approval to distribute the product in Europe to the raising the current investment,” Said Todd Dollinger, CEO of Trendlines, “We’re proud that this unique technology has generated a tremendous amount of interest in the country and throughout the world, and believe that soon the tiny invasive technology will establish itself as the leading standard in Adolescent Idiopathic Scoliosis.”