Synthetic implant company Cartiva closed a $4.3 million financing round led by venture capital firm New Enterprise Associates. As part of the round, 1 of the VC firm’s partners, Dr. Justin Klein, will join Cartiva’s board of directors.
The Alpharetta, Ga.-based device maker plans to use the funds to support trials for its synthetic cartilage implant for treatment of arthritis in the big toe. The implant is undergoing testing in a 236-patient study.
Cartiva hopes to make its big toe polymer implant available as an alternative for the traditional treatment, a bone fusion with metal plates and screws.
"This financing will provide us with additional resources to support the MOTION study through the data analysis of the trial and initial Premarket Approval Application (PMA) submission to the U.S. Food & Drug Administration (FDA)," said CEO Timothy Patrick in prepared remarks. "The continued support and confidence of a top-tiered investor such as NEA is a validation of our technology. We welcome Dr. Klein to the board and look forward to continuing our work with him and the rest of the NEA team."