A Yorkshire company which is aiming to revolutionise knee replacement surgery is poised to ramp up its work after striking a £3.8m investment deal.
Eventum Orthopaedics, which has 10 employees, was founded in 2020 by former medical executives John Naybour and Paul Atherton. The firm is now set to build up stocks of its device, which helps surgeons to cut and place the kneecap in total knee replacements.
The medtech product, called QuadSense, has already launched in the Ƶ, US and New Zealand, and now the Ilkley business has secured the new finance from NPIF II – Mercia Equity Finance, which is managed by Mercia Ventures as part of the Northern Powerhouse Investment Fund II, as well as Mercia’s EIS funds and private investors including leading surgeons.
The money will allow the business to help it develop two new devices, as well as build up stocks of its device, which it says helps to improve success rates in total knee cap replacement operations.
QuadSense provides surgeons with real-time data on the position of the kneecap, and it has already gained regulatory approvals in the Ƶ and US and has been used in over 300 procedures. The company has appointed distributors in both countries and in a number of other key international markets, and is developing similar devices for shoulder and hip operations.
The latest funding round is the third led by Mercia Ventures and NPIF and brings the total raised by the company to over £7m.
John Naybour, founder and CEO, said: “Total knee replacement is a common operation, yet two out of ten patients are not happy with the results and one in ten is very dissatisfied. Our mission is to improve success rates by providing data to help surgeons to make better clinical decisions. The device has been well received by the orthopaedic profession and we are excited to be rolling it out internationally.”
Rob Hornby of Mercia Ventures said: “Eventum’s product will not only improve outcomes for patients but also reduce the cost of treating dissatisfied patients which is estimated at £5,000 and £6,000 for each case. Having supported the company from an early stage, we are pleased to see it achieve this important milestone with the launch of its first product. We look forward to working with the team as they grow sales and develop new products to improve the success of other common operations.”
Lizzy Upton, senior manager at the British Business Bank, said: “West Yorkshire is known for its expertise in developing implants, such as those used in orthopaedics, so it’s great to see the Northern Powerhouse Investment Fund II being used to support growth in this sector. Eventum is a perfect example of how Yorkshire-based businesses can harness the power of NPIF II to expand, creating jobs in the region and contributing to the regional economy.”
