2007 Innovator of the Year honors for the light-activated glue system his latest startup, IlluminOss, uses to stabilize shattered bone. / " title="SERIAL ENTREPRENEUR Robert A. Rabiner won 2007 Innovator of the Year honors for the light-activated glue system his latest startup, IlluminOss, uses to stabilize shattered bone. /"/>EAST PROVIDENCE – A local developer of minimally invasive technology for the treatment of bone fractures has raised $11.02 million it hopes will help the company win regulatory approval for its fracture treatment system.
The Series B funding should take IlluminOss Medical Inc. “through all of our pre-clinical trial and testing [and] our clinical trial toward regulatory approval,” CEO Robert A. Rabiner told Providence Business News today. (He was honored last September as 2007 Innovator of the Year by PBN and the R.I. Economic Development Corporation.)
“Our plan is to have regulatory approval sometime in the early part of 2009,” Rabiner said.
The company, founded in January 2007, is testing a device that works to stabilize bone fractures from the inside out. The system uses a small balloon that’s filled with a polymer glue that, when activated by light, hardens inside the bone. (READ MORE)
IlluminOss raised $2.75 million in its first round, or Series A, of financing. Its second round of funding comes from New Leaf Venture Partners, Foundation Medical Partners and Mieza Capital.
The current 10-member staff may double as a result of the new funding, Rabiner said. “It’s an appropriate amount to take [the company] to the next level.”
To learn more about IlluminOss Medical Inc., visit www.Illuminoss.com.
