UK VC MTI has returned its investment in ApaTech, a UK specialist in bone graft technology, in a deal which sees company raise US$45m in a development capital round led by 3i and US investor HealthCor.
MTI still retains a significant stake in the business, which it backed in April 2004, leading a £4.55m series B round alongside 3i. 3i was the original investor in Apatech, supporting it as a spin-out from the Queen Mary University of London.
During its seven year life so far, the company has relocated to bespoke manufacturing facilities in Elstree, established a US subsidiary in Massachusetts, and launched its gold standard product, Actifuse™ in over 20 countries.
MTI GP and head of medtech investing, Dr. David Holbrook, said: “ApaTech is an exemplar of the type of MedTech deal MTI thrives on: ApaTech is a company with world class products arising from world class technology serving a proven but unfulfilled market.
“Over a period of four years MTI has been able to help ApaTech internationalise its business and grow sales to $15 million dollars as at March 2008 year end. This is powerful evidence of our ability to develop university-derived businesses. Now is the time to pass the baton as ApaTech has grown from a venture to a development capital proposition.”