X-Bolt Orthopaedics secures €1.8m for hip fracture product
17th January 2014
A Dublin-based X-Bolt Orthopaedics, a hip fracture fixation company, has secured €1.8 million in funding to bring the product to a global market.
The funding round was led by the AIB Seed Capital Fund, co-managed by Enterprise Equity Venture Capital, and included private investors with a background in medical practice and the MedTech industry.
The company, established in 2007 by former orthopaedic surgeon Brian Thornes, provides an expanding bolt medical device used to repair hip fractures, which have shown to reduce the need for repeat surgery.
X-Bolt Orthopaedics employs five people at its office in Santry in Dublin, as well as indirectly employing around 30 people by outsourcing its manufacture, packaging and sterilisation to MedTech companies in the west of Ireland.
The latest investment brings the total amount invested in the company in the past three years to €3.3 million. It expects to obtain FDA approval in the US later this year.