Active Implants said today that it banked the 1st $10 million tranche of its $40 million Series D round.
New backer LS Health Science Partners led the round with the 1st tranche and is due to put up another $20 million, with the remaining $10 million slated to come from existing investors, the Memphis-based company said.
Active Implants is developing the NUsurface meniscus implant for treating persistent knee pain caused by deteriorating or injured knee cartilage. The company has a pair of clinical trials under way for the device.
“Recruitment for the Sun and Venus clinical trials for our NUsurface Meniscus Implant is going extremely well, and we expect to complete enrollment by the end of the year,” president & CEO Ted Davis said in prepared remarks. “This additional investment will allow us to continue our research and clinical development programs as we progress in and work toward bringing the first artificial meniscus to market.”
“This investment reflects our enthusiasm for the NUsurface technology and its potential to fill a large unmet need in the market,” added LS Health Science managing partner Haynes Morris. “We are pleased to participate in this new infusion of capital to help carry the company through this important phase of product development.”