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Cartiva Secures $8.5MM Funding

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Cartiva secured US $8.5MM in an oversubscribed Series E financing. Proceeds will support commercialization of the Synthetic Cartilage Implant (SCI) for treatment of great toe arthritis and general corporate purposes.

Cartiva received FDA Premarket Approval for SCI in early 3Q16, representing what is reported to be the first synthetic cartilage device to gain FDA approval. The first commercial U.S. patient received the implant shortly thereafter.

The financing was led by New Enterprise Associates with participation by Windham Venture Partners and returning investors.

Sources: Cartiva, Inc.; ORTHOWORLD Inc.