Moximed, Inc., a Hayward, Calif.-based developer of unicompartmental load absorber implants for active patients with painful knee osteoarthritis (OA), received a $50M Series C funding round.
Backers included new investors Advent Life Sciences and Future Fund and existing investors NEA, Morgenthaler Ventures, Gilde Healthcare, GBS Venture Partners, and Vertex Healthcare. As part of the financing, Shahzad Malik, M.D., General Partner at Advent Life Sciences, and Brigitte Smith, Managing Director at GBS Venture Partners, will join Moximed’s Board of Directors.
The company will use the funds to continue to expand its development efforts.
Led by CEO Kevin Sidow, Moximed created shock absorbing implants for knee OA, with treatment durability now established to nearly nine years on the initial patients. The implants do not require bone cutting or bone removal, and absorb excess joint load rather than shift load to other areas of the joint.
Moximed has enrolled its FDA pivotal clinical study of the KineSpring® System and is currently enrolling an FDA IDE clinical study of the Atlas® System.