Miach Orthopeadics, a Westborough, MA-based company dedicated to developing bio-engineered surgical implants for connective tissue restoration, raised $40M in funding.
The financing includes $30m in Series B equity from lead investors Sectoral Asset Management and Endeavour Vision, as well as existing investors including Amzak Health, Smith+Nephew, DSM Venturing and the NFL Players Association. In addition, the company has signed a $10M venture debt term sheet with Silicon Valley Bank with the intent to close the loan shortly following the Series B closing. Sectoral and Endeavour will each be represented on the Miach board of directors.
The funds will enable ongoing operations and expand the U.S. commercial rollout of the BEAR Implant.
Led by Patrick McBrayer, president and CEO, Miach Orthopaedic is dedicated to developing bio-engineered surgical implants for connective tissue restoration. The company’s initial focus is on the BEAR® Implant for the treatment of anterior cruciate ligament (ACL) tears from reconstruction to restoration.
The Bridge-Enhanced ACL Restoration (BEAR®) Implant is a proprietary bio-engineered implant used to facilitate healing of the torn ACL. Unlike reconstruction, which is the current standard of care, the BEAR Implant does not require a second surgical wound site to remove a healthy tendon from another part of the leg or the use of a donor tendon. The surgeon injects a small amount of the patient’s own blood into the implant and inserts it between the torn ends of the ACL in a minimally invasive procedure. The combination of the BEAR Implant and the patient’s blood enables the body to heal the torn ends of the ACL back together while maintaining the ACL’s original attachments to the femur and tibia. The BEAR Implant is resorbed by the body as the ACL heals.
The implant was granted De Novo Approval from the U.S. Food and Drug Administration in December 2020. It is indicated for skeletally mature patients at least 14 years of age with a complete rupture of the ACL, as confirmed by MRI. Patients must have an ACL stump attached to the tibia to facilitate the restoration. The BEAR device must be implanted within 50 days of injury.
FinSMEs
26/01/2023