India Life Sciences Fund II has invested Rs 92 crore in Comprehensive Prosthetics and Orthotics (CPO) which makes artificial limbs and Relisys Medical Devices which manufactures medical devices. Out of Rs 92 crore, the fund has invested Rs 60 crore in CPO and the rest Rs 32 crore in Relisys.
Relisys deals in development, manufacturing and commercialisation of medical devices to treat life-threatening diseases like cardiovascular, peripheral vascular, neurovascular (stroke) and structural heart disease. The firm, with a built-up production area of 35,000 square feet, makes some of the cheapest stents for treatment of narrow or weak arteries.
CPO an independent private practice accredited by the American Board for Certification in Orthotics, Prosthetics, and Pedorthics has centres in Hyderabad, Pune, Jalandhar, Jaipur, Noida and Gurgaon. The firm currently has six clinics in India and 20 in the US. The firm also has some over-the-counter retail products including knee caps, ankle braces among others, and the funding will be utilised to expand the existing chain of products.
Last year, India Life Sciences Fund II raised Rs 865 crore to invest in mid-market companies in healthcare services, pharmaceuticals and medical technology.