CartiHeal Ltd, a Tel Aviv, Israel-medical device company focused on developing and bringing to market a proprietary, off-the-shelf, and cell-free cartilage regeneration technology, has raised $5m in venture funding.
Backers include two US-Israeli venture capital firms Accelmed and Access Medical Ventures.
The company intends to use the funding to collect more clinical data and prepare the launch of the Agili-CTM early 2013 in Europe.
The Agili-CTM is a cell-free implant that can be implanted in a single step arthroscopic procedure, and is indicated for the treatment of cartilage and osteochondral defects.
It has demonstrated to regenerate true hyaline cartilage after 6 months in preclinical studies.
Agili-CTM is CE marked and the company is currently running post-marketing clinical studies at leading centers in Europe and Israel.
Founded in 2009 by CEO Nir Altschuler as a spin-out of the Department of Biotechnology Engineering at Ben-Gurion University, Israel, CartiHeal develops proprietary implants for the regeneration of cartilage and bone disorders following sports injuries, trauma or degenerative joint changes, such as osteoarthritis.