Cartiva, Inc., an Alpharetta, Ga.-based developer of innovative products for the treatment of cartilage damage and osteoarthritis, secured $8.5m in Series E financing.
The round was led by New Enterprise Associates (NEA) with participation from Windham Venture Partners and other returning investors. Cartiva also announced that it has expanded its existing debt facility with Silicon Valley Bank, providing for additional optional term loan debt and the addition of an accounts receivable revolving credit facility.
The company intends to use the proceeds for the commercialization of its Cartiva Synthetic Cartilage Implant (SCI) and for general corporate purposes.
Led by Timothy Patrick, President and CEO, Richard Knostman, Vice President, Operations, Deborah Moore, Vice President, Regulatory, Quality & Clinical Affairs, Carribeth Ramey, Vice President, Engineering and Cartiva Manufacturing, Bobby Singer, Vice President, Sales, and Katie Strother, Vice President, Medical Education, Cartiva provides develops and markets innovative solutions for patients with cartilage damage and osteoarthritis. Its Cartiva Synthetic Cartilage Implant (SCI) is a Premarket Approval (PMA) approved alternative to fusion for arthritis of the big toe joint.