28/11/2016, 17:27 – Published by Globes [online], Israel business news –
Israeli spinal implant company ApiFix has raised a $5 million Series B investment round, which will be closed by the end of next month. Based in Misgav in northern Israel, ApiFix is part of the Trendlines Group. B. Braun Melsungen Aesculap division has invested $2.8 million in the latest financing round.
ApiFix is disrupting the scoliosis device market with its minimally invasive, non-fusion spinal implant system for the correction of Adolescent Idiopathic Scoliosis (AIS). Traditional surgical correction is a highly invasive procedure involving fusion, which results in a rigid spine and low patient quality of life. The ApiFix system is implanted in a minimally invasive procedure and does not require fusion, thus maintaining spine flexibility and high quality of life. The global market for ApiFix is over $1.15 billion.
ApiFix received CE Mark approval in 2012 and is marketing its device in Europe. More than 100 operations have been performed with the ApiFix implant; first patients are now 4-years post-surgery. Clinical results and patient quality of life are excellent. ApiFix CEO Dr. Eran Feldhay said, “Clinical experience with ApiFix’s non-fusion correction system for the treatment of scoliosis is growing. We have now completed more than 100 surgeries with overwhelmingly positive results. This funding round will support our FDA submission in the coming months and assist the expansion of our clinical and commercial activities in Europe.” ApiFix’s founding investor and largest shareholder, The Trendlines Group, welcomed the B. Braun investment. Todd Dollinger, Trendlines chairman and CEO, who also serves as ApiFix chairman, said: “This round positions ApiFix for accelerated growth and brings B. Braun’s substantial experience to ApiFix’s board of directors. We look forward to B. Braun contributing to bringing ApiFix’s breakthrough scoliosis solution – and future products – to patients around the world.”