Anika Therapeutics was granted FDA 510(k) clearance to market the WristMotion® Total Arthroplasty System.
The regulatory milestone triggers a one-time $5 million earnout payment as set forth in the company's acquisition of Arthrosurface earlier this year. The earnout payment will be paid in 4Q20.
WristMotion modular joint restoration replaces both the radial and carpal joint segments. It combines fixation and dual curvature implant geometries with an instrumentation system that supports precise implant placement and joint tensioning.
Cheryl R. Blanchard, Ph.D., President and Chief Executive Officer of Anika, said, “For Anika, this is another new product category coming from our recently acquired Arthrosurface business, which has a storied history of introducing orthopedic innovations that are minimally invasive, bone-sparing, and motion preserving. All too often, painful wrists caused by arthritis or trauma are treated by fusing the joint. We want to provide alternatives to that outcome that preserve joint motion for the patient. While fusions alleviate pain, the loss of motion in a wrist can be quite life changing, perhaps more than patients initially realize. Anika is committed to doing all that we can to allow patients to remain active and truly live life to the fullest.”