Orthomimetics, a Cambridge-based medical technology company, has been sold by UK VC firm Oxford Capital to TiGenix, a Belgian biomedical business.
The deal values Orthomimetics at €16m.
The company specializes in the design, development and manufacture of treatments for the repair of damaged joints. Its flagship product, Chondromimetic, is an off-the-shelf, resorbable implant for the minimally invasive repair of small cartilage and underlying bone defects. It has received European market approval (CE-Mark approval) and is poised to enter the European market.
Orthomimetics was founded in 2005 as a spin-out from the University of Cambridge and the Massachusetts Institute of Technology. It closed a series A round in December 2006, raising £5.65m from asset management group Schroders Investment Management, UK private equity house Caravel Capital, the private equity arm of hedge fund Sloane Robinson, and UK tech VC Oxford Capital Partners.