Creeping into view in recent years has been Moximed®, Inc., developer of the KineSpring® System, a joint unloading knee implant for pre-arthroplasty patients who hope to lead an active lifestyle. Now the company has brought its level of investment up to over $80m with the announcement of a new $33m financing round.
Osteoarthritis (OA) affects 27 million adults in the US and is caused by changes in cartilage, leading to pain and changes in the shape of the joint. In knee OA, as the cartilage wears away, the bone ends may begin to rub against each other, causing severe pain. While drugs and certain cartilage repair procedures may temporarily relieve pain, they often do not treat the underlying problems that led to OA. Conversely, research suggests that if the excess stress on the joint is removed, as with the KineSpring System, pain may decrease and the natural joint tissues may demonstrate some recovery.
The KineSpring System is an innovative treatment option for pre-arthroplasty patients with mild to moderate knee osteoarthritis that find conservative therapy, such as pain medication and knee braces, unsuccessful but who are not ready for full joint-altering knee surgery. The KineSpring System is implanted in the subcutaneous tissue alongside the joint to cushion the knee from excessive loading. Importantly, the KineSpring System is completely joint-sparing so future treatment options are maintained.
The KineSpring System is CE marked and available in major European markets. It has been implanted in over 1,000 cases worldwide, but remains investigational in the US. Gaining FDA approval is clearly the main goal for the company and one that has driven the need for this financing round. Encouraging for the company is the appeal of its proposition to new investor Vertex Venture Holdings Ltd. together with returning investors New Enterprise Associates, Gilde Healthcare Partners, Morgenthaler Ventures, and GBS Venture Partners.
Christopher Shen, M.D., Managing Director and head of U.S. healthcare investing at Vertex, will join the Board of Directors
“We are excited to add Vertex as a new investor, and we gratefully appreciate the continued support of our previous investors. The new capital will support the company’s efforts to gain FDA approval of the KineSpring System and grow commercial sales in Europe,” stated CEO Kevin Sidow. “We continue to be encouraged by the relief brought to patients worldwide by the KineSpring System and by the strong interest in a joint preserving treatment that allows patients to maintain the lifestyle they expect and deserve.”
Professor Philipp Niemeyer, M.D., of the University of Freiburg and a clinical investigator in Moximed’s GOAL Study commented, “The clinical benefit of joint unloading is proven to reduce pain. However, while some methods of unloading will transfer the load to other parts of the knee and can actually accelerate OA progression, the KineSpring System has been shown to reduce overall loading on the knee and can be a valuable treatment option. In my practice, patients have been very interested in exploring this treatment option.”
Source: Business Wire