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Loci Orthopaedics was founded by Dr Brendan Boland and Gerry Clarke in 2017 to develop innovative products that meet major unmet clinical needs in orthopaedic surgery. The company’s primary product is a new implant to treat the common and very disabling condition of thumb base joint arthritis.);
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“It’s never too early to start talking to the Myriad team. The sooner they get to know and understand a project, the sooner they can help to formulate a successful application.”
Loci Orthopaedics was founded by Dr Brendan Boland and Gerry Clarke in 2017 to develop innovative products that meet major unmet clinical needs in orthopaedic surgery. The company’s primary product is a new implant to treat the common and very disabling condition of thumb base joint arthritis.
Loci Orthopaedics was awarded a very prestigious EIC Accelerator Blended Finance fund provided by the European Commission. For Loci Orthopaedics the EIC Accelerator Blended Finance will be a combination of initial grant support of €2.5 million, followed by an additional €5.1 million in equity investment by the European Investment Bank.
The EIC Accelerator is one of the most competitive, well-known and prestigious funding mechanisms available. This is because it provides both non-dilutive grant funding to facilitate product development, in addition to equity funding to really accelerate company growth through commercialisation.
From the moment the company began as a university spin-out, the management team has focussed on securing as much non-dilutive funding as possible. R&D grants provide an invaluable source of financing to start-up and pre-revenue companies.
The Myriad Associates team - Lauren and Marc - were able to bring their own experience of successful grant applications to bear on the company’s specific application. It wasn’t that they used a set format; instead they sought to really understand the company and the project. They then used their own experience to help formulate the grant application in such a way that it was easily understood by reviewers to ensure that the real value proposition was highlighted.
Both Lauren and Marc were incredibly responsive and helpful, and really took on board all aspects of the project. They provided a fresh perspective on the company and our work, and really helped us to distil its key value proposition to an understandable and relatable story.
Loci Orthopaedics was delighted to secure non-dilutive grant funding as well as pre-approval for follow on equity funding. This has potentially secured the company’s financial future for up to 5 years and all the way to full commercialisation.
The recent funding success means that the company has extended the runway before needing to raise additional financing by 18 months. During this time, key milestones will be reached which will increase the company’s valuation at the next funding round. Additionally, it further acts to de-risk the company’s proposition making the raising of follow-on financing easier.
On top of this, the pre-approval of over €5.5 million in equity funding by the European Investment Fund makes it an even more positive situation for new and existing investors.