A medical devices company which specialises in helping patients overcome the agony and frustration of arthritis in their thumbs is creating 20 new jobs as it closes a €12.8 million round of investment financing on the back of its primary product.

Loci Orthopaedics Ltd, a clinical stage orthopaedic medical device company and a spin-out from the University of Galway, sought investment in its InDx Implant System – designed to address the limitations of current thumb implants which are often unsuccessful and are prone to both dislocation and movement post implantation.

The reality of thumb arthritis is severe pain, swelling, and decreased strength and range of motion – making it difficult to do simple tasks, such as turning doorknobs and opening jars.

Treatment generally involves a combination of medication and splints, but severe thumb arthritis might require surgery.

It is estimated that five per cent of the population have symptomatic thumb base joint arthritis which causes significant hand pain and has a major negative impact on quality of life.

The InDx implant is designed to replicate the functional biomechanics of the thumb base joint, with the aim of restoring natural motion for those affected by this painful and disabling condition.

Loci Orthopaedics CEO Barry Russell said that the €12.8 million financing from leading international investors – the largest medical technology fundraising so far in Ireland in 2024 and the largest orthopaedic fundraising ever for an indigenous Irish med-tech startup company – strongly endorsed the potential of the InDx Implant System.

“We are excited to strengthen our team with 20 new high skilled jobs in Galway, as we expand our clinical programs and prepare regulatory submissions in the US and EU,” he said.

This development saw Government Chief Whip and Minister of State in the Department of Education Hildegarde Naughton officially open the company’s new office in Ballybrit Business Park in Galway city last week.

And that’s where they also announced the creation of 20 new jobs, ranging from recent graduates to senior executives in research and development, quality management and regulatory affairs, bringing its total team in Ireland to 32 employees.

Minister Naughton said she was delighted to attend the official opening and she welcomed the creation of 20 new high skilled jobs.

“Through focused and sustained investment, the Government is committed to creating the right conditions for innovative companies such as Loci Orthopaedics to succeed,” she said.

“In Galway we have a thriving ecosystem of medical technology start-ups, developing novel solutions for various unmet clinical needs, many of which have originated from the BioInnovate Ireland Fellowship programme.

“The Government is immensely proud that indigenous companies such as Loci Orthopaedics are at the forefront of international medical technology, which continues to strengthen Ireland’s reputation as a global hub for innovation in this sector,” she added.

Loci Orthopaedics was founded by Gerry Clarke and Dr Brendan Boland as a concurrent spin-out from the University of Galway, UCC and KU Leuven in Belgium.

The company develops orthopaedic technologies to meet major unmet clinical needs with a primary focus on the orthopaedics extremities market.

The company focuses on evidence-based design to ensure that its technologies are physiologically optimal to restore natural movement for superior clinical outcomes.

Gerry Clarke, Co-Founder and CTO, Loci Orthopaedics, was pleased and proud with the expansion

“Our innovative InDx Implant System has the potential to transform the lives of the growing number of underserved patients suffering from thumb base joint arthritis, a painful and disabling condition,” he said.

“With exciting positive preliminary results from our initial clinical investigation, we look forward to building on our progress to date and expanding our team as we seek to bring this innovate solution to market for the benefit of patients, surgeons and healthcare systems,” he added.

Pictured: Minister Hildegarde Naughton officially opening Loci Orthopaedics’ new office in Ballybrit Business Park and celebrating their announcement of 20 new high-skilled jobs in Galway.