Topsfield Medical GmbH announces seed financing from High-Tech Gründerfonds
Founded in February 2012 and headquartered in Berlin, Germany, Topsfield is developing a novel solution that addresses the underlying problem of premature shoulder implant loosening by improving the prosthesis fixation method. This next generation shoulder replacement system extends the life of the implants and address a major unmet clinical need. These technological advances allow a significantly increased patient population, including younger and active elderly patients, to receive shoulder implants.
The shoulder prosthesis is the third most commonly replaced joint after the hip and knee. However, premature loosening, excessive wear and subsequent failure of the current shoulder implants are major limitations of existing technologies. Revision surgery after implant failure is very difficult due to insufficient bone stock. Young and active elderly candidates for total shoulder replacement are usually turned away or asked to wait for the procedure until they are older, due to these current product limitations. Despite a multitude of existing designs, none of the current manufacturers has solved the prosthesis loosening problem and, therefore, there is a strong clinical need for a better solution.
Topsfield is an orthopedic start-up developing a novel next generation technology that addresses the primary failure mode of shoulder implants. The team is led by Dr. Maria Apreleva-Scheffler and an experienced group of medical device developers. The company has conducted initial R&D at Dartmouth Biomedical Engineering Center in New Hampshire, USA, and is developing unique materials, design configuration and surgical methods to resolve the problem of shoulder implant loosening. The founders have applied for patents on unique implant components that solve the erosion of the bone stock. Initial clinical review of the concept by leading implant surgeons in Europe and the USA indicates that the need for an improved implant fixation is paramount and this novel biomechanical approach has merit.
The seed financing from High-Tech Gruenderfonds will bring the company through initial prototypes, verification and validation testing, clinical review, “first-in-man” and preparation for regulatory application. “Topsfield’s technology addresses the strong medical need for shoulder implants with an increased lifetime. We like the fact that the founders have relevant experience in the implant-business and that they partner with leading edge institutions like Charité and Dartmouth College”, explains Dr. Matthias Dill, Investment manager with High-Tech Gründerfonds.
Globally, the orthopedics marketplace was over $36 billion in 2009 according to market research group Knowledge Enterprises. One of the brightest spots in the orthopedics industry is the market for shoulder replacements. While 2012 growth rates of total hips and knees are forecast in the low single digits – at 3% and 1%, respectively – the US shoulder replacement market is rapidly expanding and growing at a brisk annual rate of 9,7%. It is expected to reach $1 billion in 2016. However, it is estimated that 30% of potential patients are delaying surgery or receiving alternative treatment due to premature failure of the current total shoulder replacement.
Topsfield’s key opportunity is to both expand the market and displace existing products by providing a disruptive technological solution that resolves the early implant loosening, fills a major clinical gap and improves patient outcomes.
About Topsfield Medical GmbH
Founded in February 2012 and based in Berlin, Germany, Topsfield Medical is led by Dr. Maria Apreleva-Scheffler and an experienced group of medical device developers. Topsfield is an orthopedic start-up developing a novel solution that addresses the underlying problem of premature implant loosening by improving the prosthesis fixation method. These technological advances allow a significantly increased patient population, including younger and active elderly patients, to receive shoulder implants.
Dr. Maria Apreleva-Scheffler
Managing Director, CSO
10717 Berlin Germany
Phone: +49 30 236 24680
Mobile: +49 178 1810236
About High-Tech Gründerfonds
High-Tech Gruenderfonds invests in young, high potential high-tech start-ups. The seed financing provided is designed to enable start-ups to take an idea through prototyping and to market launch. Typically, High-Tech Gruenderfonds invests EUR 500,000 in the seed stage, with the potential for up to a total of EUR 2 million per portfolio company in follow-on financing. Investors in this public/private partnership include the Federal Ministry of Economics and Technology, the KfW Banking Group, as well as thirteen industrial groups of ALTANA, BASF, B. Braun, Robert Bosch, CEWE Color, Daimler, Deutsche Post DHL, Deutsche Telekom, Evonik, Qiagen, RWE Innogy, Tengelmann and Carl Zeiss. High-Tech Gruenderfonds has about EUR 563 million under management in two funds (EUR 272 million EUR HTGF I, EUR 291 million HTGF II).
High-Tech Gründerfonds Management GmbH
Dr. Matthias Dill
Phone: +49 (0) 228 . 823001 – 00
Fax: +49 (0) 228 . 823000 – 50