Moximed, Inc., a Hayward, CA-based developer of the KineSpring® System, a joint unloading knee implant for pre-arthroplasty patients, raised approximately $33m in funding.
Backers included new investor Vertex Venture Holdings Ltd. and returning investors New Enterprise Associates, Gilde Healthcare Partners, Morgenthaler Ventures, and GBS Venture Partners. As part of the financing round, Christopher Shen, M.D., Managing Director and head of U.S. healthcare investing at Vertex, will join the Board of Directors.
Led by CEO Kevin Sidow, Moximed is initially focused on developing minimally invasive, joint preserving solutions for patients with knee osteoarthritis.
Its KineSpring System is an innovative treatment option for pre-arthroplasty patients with mild to moderate knee osteoarthritis. It is implanted in the subcutaneous tissue alongside the joint to cushion the knee from excessive loading.
The system, which is CE marked and available in major European markets, has been implanted in over 1,000 cases worldwide. It is investigational in the US.