Carticept Medical closed a $10 million financing led by existing investors Domain Associates, New Enterprise Associates and SonoSite Inc.
The Alpharetta, Ga.-based company said it will use the proceeds to fund the commercial launch of its Navigator computer-controlled drug delivery system. The device uses ultrasound guidance to deliver medications for joint pain.
Carticept won 510(k) clearance from the FDA last year for the Navigator and said it plans to have the device on the market this quarter. VC backers have sunk $53 million into the company, including the latest round, according to a press release.
"The support of our existing investors validates the investment community’s continued confidence in the vision of the company and the benefits of our product platform to improve the efficiency and accuracy of injection delivery," president & CEO Timothy Patrick said in prepared remarks. "With the completion of this financing, we are well positioned to launch the Navigator DS in leading orthopedic and sports medicine centers across the United States."
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Bioconnect Systems seeks $10M
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