Orthopedic synthetic polymer developer Hyalex Orthopaedics said today it raised $16 million in a Series A round of financing, with funds slated to support its Hyalex technology platform.
The financing round was led by Canaan Partners and joined by Osage University Partners and Johnson & Johnson‘s (NYSE:JNJ) Innovation, JJDC Inc.
Boston-based Hyalex is developing a synthetic biomaterial based on technology licensed from Stanford University intended to mimic the structure and function of hyaline cartilage, which lines articulating joints at the hip, knee, shoulder and ankle.
“The technology offers the ability to maintain an extremely low wear profile even at high loads. Our vision is to leverage Hyalex’s unique mechanical, friction, and wear properties to replace arthritic cartilage while sparing healthy bone,” Hyalex co-founder & CTO Lampros Kourtis said in a prepared statement.
As part of the funding round, Mira Sahney was appointed CEO & prez of Hyalex, with Osage University Partners managing partner Bill Harrington, JJDC venture investments VP Renee Ryan and Canaan Partners GP Wende Hutton joining the board of directors.
“Backed by a body of scientific research and a leadership team with over 10 years of experience in orthopedics, Hyalex is poised to develop an innovative approach to treat osteoarthritis by replacing cartilage in joint surgery. While joint replacement surgery is a viable option for many patients experiencing joint degeneration, younger patients may encounter some limitations in mobility and face future joint revisions. A less invasive approach to treat osteoarthritis has significant potential and is needed to help these patients live full, active lives,” Canaan Partners GP and Hyalex board member Hutton said in a prepared statement.
Prior to joining Hyalex, Sahney served as senior VP and GM at Smith & Nephew (NYSE:SNN).
“The Hyalex polymer has the potential to replace damaged cartilage in joints, creating the opportunity for a less invasive, more anatomic solution in disease states such as osteoarthritis or cartilage injuries. We are seeking to use this technology to improve standard of care for the approximate three million joint replacement procedures annually worldwide, particularly for younger patients who seek long active lives following their surgeries,” CEO Mira Sahney said in a press release.
