Trendlines's portfolio company ApiFix raises US$5m in Series B financing

CATALIST-LISTED The Trendlines Group Ltd has participated in a US$5 million Series B financing for its portfolio company ApiFix led by global healthcare solutions provider B Braun.

In a joint announcement by B Braun, The Trendlines Group and ApiFix, the investment from B Braun's Aesculap division was US$2.8 million.

This suggests The Trendlines' undisclosed investment in this round of financing is the balance of US$2.2 million. The financing is slated to close by year-end.

The financing round brings B Braun's substantial experience to ApiFix's board of directors.

ApiFix is disrupting the scoliosis device market with its minimally invasive, non-fusion spinal implant system for the correction of Adolescent Idiopathic Scoliosis (AIS). Unlike traditional surgical correction which is highly invasive, the ApiFix system is implanted in a minimally invasive procedure and does not require fusion, thus maintaining spine flexibility and high quality of life. The global market for ApiFix is over US$1.15 billion.

"Clinical experience with ApiFix's non-fusion correction system for the treatment of scoliosis is growing," said ApiFix CEO Eran Feldhay MD.

"We have now completed more than 100 surgeries with overwhelmingly positive results," he added. "This funding round will support our FDA submission in the coming months and assist the expansion of our clinical and commercial activities in Europe."

B Braun has began formal partnership activities with Trendlines since 2015, following the acquisition of the assets of one of Trendlines' portfolio companies. It has invested some US$5 million in Trendlines as a cornerstone investor in the latter's 2015 initial public offering in Singapore. B Braun and Trendlines have executed a memorandum of understanding for co-investment in Trendlines Medical Singapore, Trendlines' first incubator outside of Israel.