OMNIlife Raises USD27.5mn Via Debt Financing
OMNIlife science has closed a USD27.5mn debt financing round, provided by affiliates of Deerfield Management Company. OMNIlife is a hip and knee implant replacement engineering, manufacturing and distribution company that has also developed a robotics and navigation platform, called OMNInav, which uses a proprietary computer-assisted robotic cutting guide technology called OMNIplasty.
OMNIlife plans to use the proceeds of the financing to continue expansion of its hip and knee replacement implant product lines and to complete commercial development of its FDA-cleared OMNInav hip replacement solution. The company also plans to more than double the number of deployed OMNInav systems from the current 18, to 50 by the end of 2015, while replacing all of the current first-generation OMNInav units with second-generation stations and software.
According to OMNIlife, OMNIplasty is currently the only orthopaedic robotic navigation solution that is FDA-cleared and available to address primary total knee replacement. To date, over 3,000 OMNIplasty procedures have been performed in the US and international markets.
OMNIplasty reportedly enables rapid patient recovery, improved implant alignment and kinematic function of the replaced knee. OMNIlife's proprietary technology enables surgeons to create a digital model of patients' knees without invasive X-ray or costly MRI imaging, perform virtual surgery on the computer before making any bone cuts, and then produce precise bone cuts using a robotic cutting guide to implant OMNIlife's proprietary knee replacement implants in a highly reproducible and simple manner.