Knee implant maker Moximed closed a Series D preferred stock financing worth up to $91 million. The funding round includes $61 million and an option to close on up to an additional $30 million. ELevage Medical Technologies, a Patient Square Capital platform, led the round. New investors Cormorant Asset Management and Warren Point Capital joined in the funding. Existing investors New Enterprise Associates (NEA), Future Fund, Advent Life Sciences, Gilde Healthcare, Vertex Ventures HC, GBS Venture Partners and Morgenthaler Ventures all participated.
Related: Prana Thoracic secures additional $3M for lung cancer diagnostic tool
Fremont, California-based Moximed plans to use the funds to accelerate the U.S. commercialization efforts for its Misha knee system. Misha, an implantable shock absorber (ISA), received de novo clearance in April for the treatment of medial knee osteoarthritis (OA). The company says it’s the world’s first ISA for the knee.
Misha helps people with mild-to-moderate OA preserve their knee joints while enjoying active lives. Implants take place in an outpatient procedure. Moximed designed Misha to alleviate pain, improve function and delay the need for total knee replacement in some patients.
“This financing is validation of the significant market opportunity for the MISHA Knee System,” said Chris Gleason, President and Chief Executive Officer of Moximed. “We are seeing tremendous interest from surgeons and patients, and we are excited to rapidly expand our commercial infrastructure to address evolving patient needs in this growing market.”
As part of the financing, Michael Wasserman of Elevage Medical joins Moximed’s board of directors.
“The size of Moximed’s market opportunity, the product differentiation, and its clinical value proposition are highly compelling attributes. We are pleased that our investment will help fuel significant expansion of the Moximed business and positively impact the lives of countless patients,” Wasserman said.
