Artelon announced today that it closed a Series B funding round worth proceeds of approximately $20 million.
Marietta, Georgia–based Artelon plans to use proceeds to fund commercial growth and clinical research. It may also go toward expanding the company’s product line for the surgical treatment of ankles and other joints.
Artelon develops its proprietary Dynamic Matrix technology. The company designed the proprietary bio-textile for musculoskeletal soft tissue reconstruction.
Dynamic Matrix mimics the natural mechanical and biological properties of healing ligament tissue. Clinical studies demonstrated its ability to protect the surgical repair during early healing and quickly restore the mechanics of motion. It can also help support the development of regenerating tissue before dissolving over five to six years.
Vensana Capital led the funding round with expected additional participation from existing investors.
“Artelon has focused deeply on surgical solutions for ankle instability, a large and underserved market,” said Artelon CEO Aaron Smith. “Ankle sprains are the number one reason for emergency room visits in the United States, and up to 20% of those patients will develop chronic instability after these injuries. While traditional surgical procedures can mitigate ankle instability, patients endure a long recovery period and can still have residual pain or instability over the long term.”
Smith said the fundraising follows the commercial success of Artelon’s current Flexband Solo and Flexband Multi products. He said the funding enables the company to “take on adjacent clinical indications and pursue leadership within the $2 billion U.S. ankle instability market while expanding our efforts to address latent customer needs in other unstable joints.”
