Knee device innovator Moximed has announced the closing on $61 million of Series D preferred stock financing. The round includes an option to close on up to an additional $30 million. Moximed will use the proceeds from the financing to accelerate U.S. commercialization of the MISHA ® Knee System.
MISHA ® Knee System
We’ve had an eye on Moximed for the best part of a decade as the company advances its mission to improve the standard of care for people with knee osteoarthritis (OA). Moximed’s technology, the MISHA Knee System, is the result of over a decade of clinical research and development. Implanted during an outpatient-compatible procedure, the MISHA Knee System is in effect an implantable shock absorber for the treatment of medial compartment knee OA. As such it adopts clinically established benefits of load reduction on diseased joints. It is indicated to treat people with medial knee OA who failed to find relief from non-surgical or surgical treatment and continue to experience pain that interferes with daily activities. Furthermore this extends to patients who are ineligible for, or unwilling to undergo, joint replacement. This could be due to age or absence of advanced OA.
MISHA Knee System is FDA Authorised
In a recent release the company confirmed that its MISHA Knee System had gained U.S. FDA authorisation. In its recent pivotal clinical study the system demonstrated superiority over high tibial osteotomy (HTO). HTO is a well-established surgery with decades of demonstrated clinical results.
Funding Round
The round was led by Elevage Medical Technologies, a Patient Square Capital platform. New investors Cormorant Asset Management and Warren Point Capital also participated as did a host of existing investors. These included New Enterprise Associates (NEA), Future Fund, Advent Life Sciences, Gilde Healthcare, Vertex Ventures HC, GBS Venture Partners, and Morgenthaler Ventures.
Moximed will use the proceeds from the financing to accelerate U.S. commercialization of the MISHA® Knee System.
Company comments
Chris Gleason, President and Chief Executive Officer of Moximed offers his view:
“This financing is validation of the significant market opportunity for the MISHA Knee System. We are seeing tremendous interest from surgeons and patients. We are excited to rapidly expand our commercial infrastructure to address evolving patient needs in this growing market.”
Investor comments
As part of the financing, Michael Wasserman, Ph.D., of Elevage Medical will join Moximed’s Board of Directors. He comments; “The size of Moximed’s market opportunity, the product differentiation, and its clinical value proposition are highly compelling attributes. We are pleased that our investment will help fuel significant expansion of the Moximed business and positively impact the lives of countless patients.”
published: August 14, 2024 in: Company News, Knee, USA
