Cartiva, Inc., an Alpharetta, Ga.-based developer of innovative products for the treatment of cartilage injuries and osteoarthritis, secured $4.3m in financing.
The round was led by New Enterprise Associates (NEA). In conjunction with the financing, NEA partner Justin Klein, M.D., J.D. has joined the Cartiva Board of Directors.
The company intends to use the funds to support the MOTION study through the data analysis of the trial and initial Premarket Approval Application (PMA) submission to the U.S. Food and Drug Administration (FDA).
Spun off from Carticept Medical in December 2011 and led by Timothy J. Patrick, president and chief executive officer, develops and markets innovative solutions for patients with osteoarthritis or cartilage damage. Its procedure maintains range of motion by replacing the damaged cartilage in the great toe with a smooth, resilient cartilage-like polymer. In June 2012, the company completed enrollment in the MOTION study, which was designed to determine the safety and efficacy of the its Cartiva Synthetic Cartilage Implant (SCI) in comparison to fusion, the current standard of care.