CartiHeal said today it raised $18.3 million in a new round of financing to support an FDA IDE-approved clinical trial of its Agili-C implant for use in repairing cartilage and osteochondral defects.
The 2-year pivotal study will engage US and international centers and aims to show that the Israel-based company’s Agili-C is superior over the surgical standard of care as it seeks FDA premarket approval.
The Agili-C implant is a cell-free, off-the-shelf implant designed for use in cartilage and osteochondral defects. Early clinical trials of the implant showed a potential for cartilage regeneration and the remodeling of underlying subchondral bone as well as pain and symptom relief, the company said.
“This latest investment round is yet another testament to our investors’ confidence in our technology. We believe the implant can greatly benefit patients suffering from a variety of cartilage lesions, who wish to return to a painless and active lifestyle, and who currently don’t have good alternatives,” founder & CEO Nir Altschuler said in a press release.
The funding round was led by aMoon and joined by existing investors Johnson & Johnson Innovation, Peregrine Ventures and Elron, CartiHeal said.
“CartiHeal delivers hope to those who suffer daily from degenerative and non-degenerative joint conditions, regenerating both bone and cartilage with its Agili-C single-step implantation procedure. We are excited to take part in this promising endeavor, already showing remarkable results, and join the highly capable management team and strong investors, in bringing this technology to a growing population of patients globally,” aMoon managing partner Dr. Yair Schindel said in a prepared statement.