Active Implants, a Memphis, Tenn.-based developer of orthopedic implant solutions, completed the first $10m tranche of a $40m Series D financing.
The financing is to be comprised of $30m from first-time investor LS Health Science Partners, L.P., with another $10m to be contributed by existing investors. An initial investment of $10m has been received from LS Health Science Partners, with the remaining $30m to be funded in tranches.
Led by Ted Davis, president and CEO, Active Implants develops orthopedic implant solutions that complement the natural biomechanics of the musculoskeletal system. Its NUsurface Meniscus Implant is an investigational treatment for patients with persistent knee pain following medial meniscus surgery. It is made from medical grade polymer and composite structure and design, does not require fixation to bone or soft tissues.
The company, which has European offices in Driebergen, The Netherlands, and R&D facilities in Netanya, Israel, intends to use the proceeds to continue funding two clinical trials of the implant.