Hyalex Orthopaedics, a Boston, MA-based medical device company, raised $16m in Series A financing.
The round was led by Canaan Partners, with participation from Osage University Partners and Johnson & Johnson Innovation – JJDC Inc. (JJDC). In conjunction with the funding, Wende Hutton, general partner of Canaan Partners, Bill Harrington, managing partner of Osage University Partners, and Renee Ryan, vice president, venture investments, JJDC, will join Hyalex’s board of directors.
Led by co-founder and chief technology officer Lampros Kourtis, Ph.D., and newly appointed president and CEO Mira Sahney, Hyalex is advancing new products that feature HYALEX™ technology, a synthetic polymer that mimics cartilage. Licensed from Stanford University, the company has developed a synthetic biomaterial with properties that mimic the structure and function of the hyaline cartilage that lines articulating joints, such as the hip, knee, shoulder and ankle.
Mira Sahney has over 20 years of diversified global corporate experience including leadership of sales, marketing and R&D organizations. Prior to joining Hyalex, Ms. Sahney served as senior vice president and general manager at Smith & Nephew where she led the growth and sale of the gynecology division to Medtronic for $350 million and the turnaround of the ENT division.