Business Excellence Awards
Please Join PBN to Celebrate the 2014 Business Excellence Award Winners on Novem ...
By Patrick Anderson
PBN Staff Writer
PROVIDENCE – IlluminOss Medical Inc.of East Providence, a medical device firm focused on broken bone repair, has raised $28 million in a Series C financing round that included the Slater Technology Fund, which announced the investment Thursday.
The financing round was led by two new investors in IlluminOss, Tekla Capital Management (formerly Hambrecht and Quist Capital Management) of Boston and Life Sciences Partners of Boston.
Slater, Rhode Island’s publicly financed venture capital firm, invested $500,000 in the new funding round.
Founded in 2007 by Robert A. Rabiner in collaboration with orthopedic surgeons at Rhode Island Hospital, IlluminOss has developed a system for stabilizing and repairing bone fractures with minimally invasive balloon implants.
IlluminOss’s products have been used in Europe and are in clinical trials for medical use in the United States.
“This latest round of funding is a critical step forward towards advancing minimally-invasive solutions for the treatment of bone fractures,” said Dr. Scott Rader, president and CEO of IlluminOss Medical in a news release.
Before this latest investment, IlluminOss had raised $22 million in venture capital funding.
Slater invested $100,000 in Rabiner’s previous company, Selva Medical, in 2005. When Selva was acquired by W.L. Gore in 2006, Slater received a $326,000 return, according to Slater records.
In addition to Slater, Tekla and Life Sciences Partners, other new investors in the Series C round include Excel Venture Management of Boston, SR One of Philadelphia, and Pappas Ventures of Research Triangle Park, N.C.
Previous investors in IlluminOss participating in the Series C Round include Foundation Medical Partners of Rowayton, Conn. and New Leaf Venture Partners of New York.