Orthopedics devices maker Active Implants touted the close of the 1st $8.7 million tranche in a $26 million financing round in support of its NUsurface meniscus implant for repairing damage in the knee.
The Tennessee-based company plans to use the funds to advance clinical trials in pursuit of U.S. regulatory approval, the company said.
In separate SEC filings the company also noted that it had raised $48.7 million of a total $66 million equity funding round. It’s not clear whether that funding is related to the latest $26 million tranche, and the company didn’t reply to requests for comment.
"Clinical studies outside the USA have demonstrated the superiority of our NUsurface Meniscus Implant over current standard-of-care treatments," chairman & CEO Henry Klyce said in prepared remarks. "The NUsurface meniscus implant is designed to fill a significant treatment gap between non-operative care and knee replacement surgery."
Active Implants estimates the worldwide market for NUsurface at more than $2 billion per year. The company’s in the middle of a clinical trials at centers in Europe and Israel and hopes to launch trials in the U.S.
Active Implants LLC estimates the potential worldwide market for the NUsurface product to be in excess of $2.0 billion annually.