Stanmore Implants Worldwide has received £4m in equity investment from Imperial Innovations Group to finance expansion of distribution in the UK and the US and new product development.
The proceeds will also be used towards the development of new technologies like Savile Row System and ITAP.
Savile Row System, a fully personalised early knee replacement surgery system, combines patient specific implants with a proprietary robotic intra-operative system.
ITAP enables the direct attachment of an exoprosthesis to the skeleton of amputees, thereby giving the patient greater mobility and comfort over traditional socket based systems.
Stanmore executive chairman Brian Steer said they now have the funds to accelerate the development of new, groundbreaking technologies and drive the commercialization of non-invasive extendible implants in the UK and the US.
Stanmore had received the 510k approval for Juvenile Tumour System (JTS) non-invasive extendible distal femoral replacement (JTS implant) for use in paediatric orthopaedic oncology surgery.
The JTS implant uses an electromagnetic device to lengthen the prosthesis without the need for surgery, anaesthesia or sedation, thus reducing the risk of complications.
Stanmore is now launching the JTS in the US market and the proceeds will be used in part to help build a specialist sales force for this important product.