Providence, RI – May 5th, 2021 – Lenoss Medical, a biomedical start up focused on physiological repair of osteoporotic spinal fractures has raised $1.3 million in a seed funding round from Cherrystone Angel Group, Slater Technology Fund, Walnut Ventures, Beacon Angels, River Valley Investors, Magpie Neurosurgical Innovation Fund and Mr. Hansjoerg Wyss.
Dom Messerli, President & CEO credits Rhode Island’s MedTech ecosystem for the company’s early progress, success, and initial fundraise, stating, “Rhode Island is quickly becoming a prime location for early-stage MedTech and digital health startups and entrepreneurs. With the support, programming, education, and connections to funding by non-profit industry leaders like the New England Medical Innovation Center (NEMIC) and RI Bio, startups can navigate the unique regulated developmental process and prepare for fundraising rounds.”
Lenoss Medical, a NEMIC Fellow has participated in 3 programs with NEMIC including its MedTech Leadership Program—a course that teaches Med Tech innovators, entrepreneurs, industry professionals, executives, clinicians, and anyone interested how to successfully commercialize a regulated medical technology. Lenoss Medical also participated in NEMIC’s seed-funding preparation program, ACTIVATE. Through ACTIVATE, Lenoss Medical was awarded funds to support the addition of clinical study sites. And as a NEMIC Member, Lenoss Medical made connections within the NEMIC community, leading to the hiring of high-quality consultants and employees. Mr. Messerli received sound office hour advice from the NEMIC leadership team, which ultimately supported this fundraise.
When asked how he was able to raise this seed round, Mr. Messerli responded, “Early on, I connected with Mr. Thorne Sparkman, the Managing Director of the Slater Technology Fund and, through him, Mr. Aidan Petrie, Managing Partner of NEMIC. These connections opened doors to supporting programs and introduced me to a deeper network of advisors and investors to help us develop a solid pitch. NEMIC and Dr. Patrice Milos at RI Bio connected me to the Cherrystone Angel Group and once they invested, it really percolated rapidly from there, providing access to many other local investment groups, including Angel Capital Association of New England, Boston’s Walnut Ventures, Beacon Angels, River Valley, and others.”
Lenoss Medical will use the funding to finance its human clinical study and move the company forward towards product commercialization.
Mr. Messerli sincerely thanks all investors for believing in the Lenoss Medical team and for supporting its critical mission of providing a physiological fracture repair solution for patients diagnosed with osteoporotic spinal fractures.