CartiHeal, the Kfar Saba, Israel-based developer of the proprietary Agili™-C implant for the treatment of joint surface lesions in traumatic and osteoarthritic joints, secured an additional $15m equity investment from Bioventus, a global leader in orthobiologics.
The investment follows the recently completed enrollment and outcome of interim analysis in CartilHeal’s investigational device exemption (IDE) multinational pivotal study. An additional $5m can be secured by CartiHeal from Bioventus, if needed, for IDE study completion.
This new round of funding is expected to enable the company to complete all patient follow-up in the study and submit a first application for premarket approval (PMA) to the FDA.
Bioventus made an initial $2.5m investment in the Agili-C IDE study in January 2018, as part of a previous financing round. Bioventus and CartiHeal have agreed on an option structure under which Bioventus will acquire the company shortly after FDA approval of the Agili-C implant. Terms of that option structure are not disclosed.
Led by Nir Altschuler, founder & CEO, CartiHeal is a medical device company that develops proprietary implants for the treatment of cartilage and osteochondral defects in traumatic and osteoarthritic joints.