Biomimedica, Inc., a South San Francisco, CA-based medical device start-up company focused on the development and commercialization of its proprietary GRADION™ Total Cartilage Replacement™ (“TCR™”) technology, has closed an $11.9m Series-B financing, including conversion of approximately $2.8m in bridge loans.
Backers include new investors Troika Ventures and Biedermann Motech, and existing investors Emergent Medical Partners and Asset Management Ventures.
Troika Ventures acted as lead investor.
Led by President and CEO Jeff Roberts, Biomimedica is developing new products that feature GRADION™ TCR™ technology, a synthetic polymer with properties that mimic the basic structure and function of the hyaline cartilage that lines articulating joints, such as the hip, knee, shoulder and ankle. The company is preparing for a clinical study in Europe of its GRADION™ TCR™ product for hip applications, and expects to begin enrollment next year.
Products are in the development stage and have not been approved for use in humans by any regulatory agency.