Galway based clinical stage orthopaedic medical device company Loci Orthopaedics is to create 20 new jobs, bringing its total team in Ireland to 32 employees.
It made the announcement as it officially opened its new office in Ballybrit Business Park in Galway.
Earlier this week the company said it had raised €12.8m in funding, led by new investors Seroba, Johnson & Johnson Innovation and the European Innovation Council Fund.
The company develops new technologies to target major unmet clinical needs in orthopaedic extremities of the body. Its main device, InDx Implant System, is an implant for joint arthritis in the thumb.
Barry Russell, CEO of Loci Orthopaedics, said the opening of the company's new office and expansion of our team in Galway represents a significant milestone for Loci Orthopaedics.
"The recent successful €12.8m Series A 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 endorses the potential of our InDx Implant System," the CEO said.
"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 added.
Speaking at the opening of the new office, Hildegarde Naughton, Minister of State in the Department of Education, said that through focused and sustained investment, the Government is committed to creating the right conditions for innovative companies such as Loci Orthopaedics to succeed.
"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," she said.
"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.
