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Year in Review

2016 Funding Recap

ORTHOWORLD reported that 15 companies secured funding of more than $10 million in 2016. Below, we recap these announcements.

The majority of 2016 investments came in from venture firms, though Johnson & Johnson, Medtronic, Musculoskeletal Transplant Foundation and Orthofix also backed certain financing deals. Similar to recent years, the spine market was the largest target for funding. A complete list of 2016 funding announcements can be found here.

Abyrx, a specialty biosurgical products company, completed a US $10MM equity financing. The funds will be used to manage the demand for Abyrx's bone putty products and to accelerate the company’s pipeline development activities.

Benvenue Medical completed a $60 million financing round, derived from $23 million in equity and $37 million in debt. Proceeds will support U.S. commercialization of the Luna® 3D Interbody Fusion System for treating degenerative disc disease and the Kiva® Vertebral Compression Fracture Treatment System. Benvenue’s equity financing was provided by six venture firms.

BONESUPPORT raised SEK 327MM (~US $37MM). Funds will support clinical data collection, product pipeline development and expansion of CERAMENT sales in existing and new markets. The funds will be used to drive sales of CERAMENT BVF, CERAMENT G and CERAMENT V in existing and new markets, generate further clinical data to highlight the compelling benefits of current CERAMENT products and to conduct the FORTIFY study to support a planned PMA filing in the U.S. for CERAMENT G.

CartiHeal completed a US $15MM financing round. Funds will support ongoing manufacturing scale-up, EU product commercialization in 2017 and clinical studies in new therapeutic areas for Agili-C™ cartilage regeneration technology.

Cerapedics completed a US $11MM Series D financing to support expanded commercialization of i-FACTOR™ Peptide Enhanced Bone Graft.

Histogenics closed its previously-announced US $30.0MM private placement. Funds will support development of NeoCart® novel cartilage repair therapy, including completion of the ongoing Phase III clinical trial. Enrollment in the Phase III clinical trial should complete in 2Q17, with topline data on its 1-year primary efficacy endpoint available by mid-2018.

Intellijoint Surgical secured US $11.0MM in Series A Financing. Funds will support expanded U.S. launch of the intellijoint HIP® mini-optical navigation tool.

Medicrea entered into agreements to raise €20MM (~US $22.4MM) to support commercialization of UNiD™ Patient-Specific Rods in the U.S. and new ex-U.S. markets. After its EU launch in 2Q14, the UNiD plaform received FDA 510(k) clearance in 4Q14, and was reportedly the 1st patient-specific spinal osteosynthesis rod to receive such clearance. A patient-specific cervical version was FDA-cleared in 2Q16.

Providence Medical Technology closed a US $10.5MM new equity financing round. Proceeds will support commercialization and expansion of cervical fusion products. Previous fundings included $6.8MM in 2014 and $12.0MM in 2015.

Regentis Biomaterials closed a US $15MM Series D investment round. Funds will primarily support a pivotal U.S. clinical trial of GelrinC®, a cell-free implant for the treatment of articular knee cartilage injuries.

Relievant Medsystems secured US $36MM in equity financing. Proceeds will support clinical studies, portfolio expansion and commercialization of the INTRACEPT® Intraosseous Nerve Ablation System. Relievant has developed INTRACEPT® Intraosseous Nerve Ablation System to treat chronic low back pain. The system received FDA 510(k) clearance in 3Q16.

Rotation Medical completed a US $12MM Series B extension financing. Proceeds will support U.S. commercialization of its rotator cuff repair system, comprising a proprietary bioinductive implant and disposable instruments.

SI-BONE closed a $20 million round of growth capital financing, led by new investor Arboretum Ventures, with participation from all of SI-BONE’s existing major investors. Proceeds will support expansion of U.S. sales, following recent decisions to cover MIS SI joint fusion by Blue Cross Blue Shield of Michigan, Geisinger Health Plan in Pennsylvania and First Coast Service Options in Florida. Additionally, proceeds will support R&D for new products to treat the SI joint.

Spineart secured a €30MM (~US $33MM) investment. Proceeds will support sales, geographical expansion in markets such as the U.S. and Europe and product development.

Spine Wave closed a US $11MM round of new financing. Proceeds will fund the company’s largest product portfolio expansion to date.

A version of this article appeared in ORTHOPRENEUR®, December 2016.