Israeli start-up Regentis Biomaterials said yesterday it raised $15 million in a Series D round of funding to support its GelrinC hydrogel-based resorbable cartilage replacement.
Funds from the round will be used to support a pivotal clinical trial for GelrinC in the U.S., and to obtain marketing approval from the FDA.
Regentis’ GelrinC is implanted as a liquid and cured in-situ to form a resorbable implant that is designed to be gradually replaced by newly regenerated cartilage, the company said.
“We are delighted to enter the Israeli market with a significant investment in Regentis Biomaterial. We see great potential for GelrinC in China and look forward to applying our know-how and experience in bringing this exciting surgical technology to the China market for the benefit of patients, surgeons and hospitals alike,” Haisco CEO Wang Junmin said in a press release.
The round was led by Chinese pharma company Haisco Pharmaceutical group, and joined by existing investors Medica Partners, SCP Vitalife Partners, Generali Financial Holdings and both the Technion R&D Foundaint and Technion Innovation Opportunities Fund.
As part of the funding round, Haisco will serve as the exclusive distributor of GelrinC in China, Regentis Biomaterials said.
“We look forward to collaborating with Haisco to expand the potential of this technology in the Chinese market over the coming years,” Regentis CEO Alastair Clemow said in prepared remarks.