Georgia medtech startup Cartiva just closed out an $8.5 million Series D, which will fund the company through PMA approval for its synthetic cartilage implant meant for those with osteoarthritis. It submitted a PMA application to the FDA just last month.
The dollars will also fund Cartiva’s post-510(k) clinical trials on its ProxiFuse Hammertoe Correction System and its thumb osteoarthritis study.
Funding comes from new investor Windham Venture Partners and New Enterprise Associates.
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MedCity News was at the Vive conference and spoke with executives who shared their insights for the healthcare industry.
The company’s lead product, Cartiva SCI, is made out of a vinyl and saline-based polymer that settles together in a matrix that can be used for contact lenses, artificial vitreous humors and fake pancreases – and is now being applied as a stand-in cartilage. It’s available in Canada, Europe and South America – but not yet in the U.S. The company just wrapped up a 236-person study of its synthetic cartilage in the great toe.