CASE STUDY
Sota Orthopaedics Limited (Trading as X-Bolt Orthopaedics)
X-Bolt Orthopaedics is a leading medical device company that has designed and developed a highly innovative and unique range of hip nailing and plating solutions suitable for all hip fractures that require fixation.
Highlights
Enterprise Ireland Funding
In 2011 the company was identified as a High Potential Start-up by Enterprise Ireland and raised €750,000.
€1,400,000 convertible loan note fundraising
Made up of existing shareholders including AIB Seed Capital Venture Fund and IMAC Estates Limited.
Collaboration with Oxford University
Conduct the largest ever trial in relation to hip fracture fixation devices in partnership with Oxford University.
X-Bolt Orthopaedics has been a client of McCann FitzGerald for the last eight years. They are an Irish medical devices company that specialises in research, development, marketing and distribution of hip fracture orthopaedic medical devices. The founder, Dr. Brian Thornes, is an experienced orthopaedic surgeon with extensive development experience. Brian had a light bulb moment when using a bolt to fit a TV on a wall and went on to invent a new hip fixation device.
X-Bolt Orthopaedics has secured significant funding since its incorporation, has strong scientific evidence via extensive clinical trials and has received approval for marketing in Europe and the US.
McCann FitzGerald began to provide advice to X-Bolt Orthopaedics when it was identified as a High Potential Start-up by Enterprise Ireland in 2011 and the company raised €750,000 in funding.
We then acted for X-Bolt Orthopaedics in relation to an aggregate €1,400,000 convertible loan note fundraising conducted in two tranches in 2015. The funding round was led by the AIB Seed Capital Fund, co-managed by Enterprise Equity Venture Capital, and included private investors with a background in medical practice and the MedTech industry. Since 2013, the company has raised €6.4 million.
More recently, X-Bolt conducted the largest ever controlled trial comparing hip fracture fixation devices in partnership with Oxford University. We provided advice and acted for them in relation to entry into this contract. The clinical trial was a massive success and the headline results demonstrated that the product had the lowest ever ‘cut-out’ rate fir hip fixation devices. X-Bolt is the first and only company to have conducted such rigorous clinical testing prior to commercial launch of its hip fixture device.
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