The financing includes $30 million in Series B equity from lead investors Sectoral Asset Management and Endeavour Vision. Existing investors — including Amzak Health, Smith+Nephew, DSM Venturing and the NFL Players Association — also joined the funding round.
Additionally, Miach Orthopaedics has signed a $10 million venture debt term sheet with Silicon Valley Bank. The Westborough, Massachusetts–based company plans to close the loan shortly after the closing of the Series B.
Sectoral and Endeavour will have representatives on the Miach board of directors.
“Since launching our Bear implant in fall 2021, we’ve received tremendous interest from both surgeons and patients alike, who understand the benefits of healing a torn ACL rather than replacing it,” Miach Orthopaedics CEO Patrick McBrayer said in a news release.
More about Miach Orthopaedics and its Bear implant
McBrayer added that the company has had more than 500 commercial implants of the Bear implant. “This additional investment will allow us to expand our presence nationwide and bring the benefits of ACL restoration to more patients with ACL tears.”
The FDA granted the Bear implant a De Novo Approval in December 2020. The implant is cylindrical and 45 mm long and 22 mm in diameter. It’s a decellularized, bovine-derived, type I collagen implant that resorbs within eight weeks of implantation.
Bear serves as a bridge to restore the patient’s own ACL, according to the company. Miach Orthopaedics describes Bear as the first medical technology clinically proven to enable the healing of a torn ACL. In contrast, the present standard of care involves a reconstruction that replaces the ACL with a graft.
“The Miach team has made significant progress in U.S. commercialization of the Bear implant over the last year and is well-poised for rapid growth in the ACL repair market,” said Joyce Erony, managing partner of Amzak Health and chair of Miach’s board of directors. “The ability to attract sizeable investment from leading venture capital firms and banks in a difficult fundraising environment is a testament to the Miach team and the potential of the Bear implant to become the standard of care.”