CartiHeal, a Tel Aviv, Israel-based medical device company developing an innovative cell-free technology for regenerating hyaline cartilage, raised up to $10m.
The sum includes $5m in cash and $5m in options.
Half of the sum was raised from new investor Elron. The remainder was provided by existing investors Accelmed and Access Medical Ventures.
The company intends to use the new funding to accelerate the development of its technology portfolio, including its product the Agili-CTM, a single step arthroscopically-placed implant, indicated for repairing cartilage and osteochondral defects, as well as support ongoing clinical studies.
The Agili-CTM is CE marked and CartiHeal is currently conducting post-approval clinical studies at leading centers in Europe.
Founded in 2009 by CEO Nir Altschuler, CartiHeal develops proprietary implants for the regeneration of cartilage and bone disorders following sports injuries, trauma or degenerative joint changes. It is a spin-out of the Department of Biotechnology Engineering at Ben-Gurion University, Israel.
FinSMEs
09/07/2012