Norgine provides debt financing to Stanmore Implants Worldwide

Norgine has announced the completion of a debt financing deal with Stanmore Implants Worldwide, a pioneer in the limb salvage and preservation orthopaedic implants markets.

The 7.5 million pound debt financing arrangement will enable Stanmore to accelerate its worldwide expansion efforts, with a particular focus on building its commercial presence in the US.

Norgine has identified Stanmore Implants as a business with considerable future potential, thanks to its broad array of implant products for oncology, trauma, deformity and complex revision indications in the upper limb, lower limb, shoulder and pelvis.

The firm's history dates back to 1949. It was initially formed as a subsidiary of University College London and was acquired by a syndicate of investors led by Abingworth in 2008.

Peter Stein, chief executive officer of Norgine, said: "Our investment in this company fits with Norgine Ventures' aim to support innovation in the healthcare sector while leveraging our strong balance sheet to generate financial returns for our venture debt fund."

This comes after the company provided debt financing of two million pounds to Internis Pharmaceuticals, a British start-up company with strong growth prospects, earlier this year.