Loci Orthopaedics

About Loci Orthopaedics:

Loci Orthopaedics was founded by Dr Brendan Boland and Gerry Clarke in 2017 to develop innovative products that meet significant unmet clinical needs in orthopaedic surgery. The company's primary product is a new implant to treat the common and disabling thumb base joint arthritis.

The opportunity:

Loci Orthopaedics was awarded a prestigious EIC Accelerator Blended Finance fund provided by the European Commission. For Loci Orthopaedics, the EIC Accelerator Blended Finance will combine 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 among the most competitive, well-known and prestigious funding mechanisms. This is because it provides non-dilutive grant funding to facilitate product development and equity funding to accelerate company growth through commercialisation.  

Since 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.  

How we helped

Dr. Brendan Boland: "The Myriad team - Lauren and Marc - brought their experience of successful grant applications to bear on the company's specific application. They didn't use a set format but sought to understand the company and the project. They then used their own experience to help formulate the grant application so that reviewers quickly understood it to ensure that the fundamental value proposition was highlighted.

Lauren and Marc were incredibly responsive and helpful and took on all aspects of the project. They provided a fresh perspective on the company and our work and helped us to distil its fundamental value proposition into an understandable and relatable story."

The reward

Loci Orthopaedics was delighted to secure non-dilutive grant funding and pre-approval for follow-up equity funding. This has potentially secured the company's financial future for up to 5 years and 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 to increase the company's valuation at the next funding round. Additionally, it de-risks 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 favourable situation for new and existing investors.