Active Implants LLC, which has developed cushion bearing orthopedics with its NUsurface Meniscus Implant, has announced closing the first tranche of $8.7 million in new funding of a total commitment of $26 million. The new round of financing was led by Dallas-based View Capital RIA, L.P. and Memphis-based River Street Management. The company has raised $35 million to date, mainly from US investors whose names have not been disclosed.
Active Implants is headquartered in Memphis, Tennessee and has its R&D center in Netanya where half the company's work force is employed. Proceeds will be used to fund completion of a Multi-Center Trial on the NUsurface Meniscus Implant, which is currently enrolling patients in Europe and Israel, and initiate a randomized clinical trial to support application for US regulatory approval.
Chairman of the Department of Orthopaedics at Lenox Hill Hospital in New York and Active Implants chief medical officer Dr. Elliott Hershman said, “The NUsurface Meniscus Implant is a novel, composite polymer implant which is used to treat knee patients who have pain and disability arising from osteoarthritis caused by a previous meniscectomy, meniscus dysfunction or insufficiency. The NUsurface Meniscus Implant was designed to meet the needs of patients too old for meniscus repair and too young for a total knee replacement.”
Active Implants was founded in 2004 by Amiram Steinberg, who previously founded Implant Ltd. (formerly DIScure) and Limber Ltd., and Steven Bradshaw, an American medical devices executive.
Active Implants R&D director Eran Linder Gantz said, "The funds raised show that investors continue to believe in the company's product."
Published by Globes [online], Israel business news - www.globes-online.com - on September 8, 2013
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