The company will use the proceeds to expand post-marketing clinical studies of its cell-free cartilage regeneration implant in Europe.
CartiHeal (2009) Ltd. has raised $5 million from its current investors, Elron Electronic Industries Ltd. (TASE: ELRN), Accelmed, and Access Medical Ventures. It will use the proceeds to expand post-marketing clinical studies of its Agili-C cell-free cartilage regeneration implant in Europe.
CartiHeal CEO Nir Altschuler said, “Our initial long-term clinical results are very promising and reinforce our understanding that the unique composition and micro-architecture of the Agili-C implant induces regeneration of both true hyaline cartilage and its underlying subchondral bone, without the addition of cells, growth factors or other bioactive agents. This is a paradigm-shifting discovery that has the potential to change the way cartilage defects are treated worldwide."
Altschuler, a biomedical engineer, founded the company in 2009, on the basis of a concept discovered at Ben Gurion University of the Negev.
Published by Globes [online], Israel business news - www.globes-online.com - on October 29, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013