Cartiva said it secured $8.5 million in an over-subscribed Series D financing for developing new products to treat cartilage injuries and osteoarthritis.
The round was led by new investor New Enterprise Assoc. and existing backer Windham Venture Partners, Cartiva said.
"We are grateful for the continued support of NEA, 1 of the premier venture capitals firm in the world, and welcome the addition of Windham Venture Partners, which builds on the strength of our investors. Our ability to raise capital from such quality investors is a testament to the significant progress we have made in establishing the clinical benefits of our synthetic cartilage treatment. The results from our Motion study were accepted for presentation at the July annual meeting of the American Orthopaedic Foot & Ankle Society. We are excited to share the results of this large, randomized clinical study to foot & ankle surgeons this summer in Long Beach," CEO Tim Patrick said in a press release.
The funding will help fund the pre-market approval application to the FDA for Cartiva’s synthetic cartilage implant, which it submitted to last month, Alpharetta, Ga.-based Cartiva said. Cartiva’s main product, Cartiva SCI, is a vinyl and saline polymer the company bills as a cartilage replacement.
The proceeds are earmarked for post-510(k) clinical evaluations of Cartiva’s ProxiFuse hammertoe correction system and another study evaluating its treatments of osteoarthritis in the thumb, the company said.
Cartiva said it also added OsteoRemedies COO Eric Stookey to its board. Stookey, who also serves on the board at Amedica, was president of the extremities & biologics division at Wright Medical (NSDQ:WMGI).
"We are delighted to have Eric join the Cartiva board of directors. With deep knowledge and years of experience in sales channel development, strategic planning and launching new and innovative orthopedic medical devices, his appointment strengthens the executive leadership team and adds significant operational and commercial expertise," Patrick said.
Cartiva raised $4.3 million in 2013 to finance trials for its synthetic cartilage implant, hoping to make the synthetic implant a readily available alternative in treating arthritis in the big toe. Cartiva SCI is available in Europe, Canada and South America, but not in the U.S.
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