Location: Waltham, Massachusetts
Industry: Medical Devices (Biologics)
Products: NeoCart is a neocartilage tissue implant that uses the person’s own cells to regenerate cells in patients who have painful cartilage lesions in the knee but are not candidates for total knee replacement. The product is part of an ongoing trial currently enrolling patients. VeriCart — a single-step, cell-free collagen scaffold – is designed to be used together with the patient’s own stem cells to repair small cartilage defects often seen in meniscal and anterior cruciate ligament repair procedures, which are the traditional methods to treat knee injuries.
How it will be used: The money will pay for the ongoing phase 3 clinical trial that is testing NeoCart as well as to obtain CE Mark for VeriCart in Europe.
Investors: The lead investor in this round was Sofinnova Ventures. Other new investors were Split Rock Partners, BioMed Ventures and FinTech GIMV Fund, L.P. Existing investors ProChon Holdings BV, Altima Partners, Foundation Medical Partners, Inflection Point Capital and Boston Millennia Partners also reinvested.
Competitors: Carticel, which claims to be the first and only FDA-approved cell therapy for repairing knees of adults that have not responded to arthroscopic or other surgical repair procedures previously.