Here are five things to know:
1. Cartiva secured $8.5 million in an oversubscribed Series D financing.
2. New Enterprise Associates led the financing and new investor Windham Ventures Partners participated.
3. Proceeds are expected to fund the company through the PMA approval of the Cartiva Synthetic Cartilage Implant, which was submitted last month. They will also go to support post-FDA 510(k) clearance clinical evaluations for the ProxiFuse Hammertoe Correction System and GRIP study evaluating Cartiva SCI.
4. Eric A. Stookey also joined the company’s board of directors earlier this year. He is COO of OsteoRemedies and spent 20 years at Wright Medical Group.
5. The company also reported results from the MOTION study accepted into the American Orthopaedic Foot and Ankle Society presentation in July.
“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,” said Cartiva President and CEO Tim Patrick.
More articles on orthopedic devices:
MEDTECH sells 3 ROSA surgical robots in Asia: 5 things to know
K2M, Mazor, Amedica & more—12 key notes
Mazor logs $5.2M net loss in Q1: 11 things to know
At the Becker's 23rd Annual Spine, Orthopedic and Pain Management-Driven ASC + The Future of Spine Conference, taking place June 11-13 in Chicago, spine surgeons, orthopedic leaders and ASC executives will come together to explore minimally invasive techniques, ASC growth strategies and innovations shaping the future of outpatient spine care. Apply for complimentary registration now.
