Sparta Biomedical closed an oversubscribed Series Seed round of financing to complete preclinical activities for Investigational Device Exemption submission.
Sparta's SBM-01 Biomimetic Implant is a minimally invasive treatment for chondral or osteochondral defects of the knee cartilage. It mimics the properties of native cartilage and provides a smooth articulating surface, lending support to surrounding cartilage while stabilizing subchondral bone, and thereby limiting further exacerbation of the disease.
In early 2021, Sparta Biomedical was granted FDA's Breakthrough Device Designation.
In addition, Sparta welcomed Ken Gall, Ph.D. to the Board of Directors. "We are thrilled that Ken accepted our invitation to join our Board," said Dimitrios Angelis, Chief Operating Officer. "Ken is a successful entrepreneur, Duke University Professor, and holds multiple board posts. He has built teams and sold companies over the last several years and has an extensive network within large medtech companies. We couldn't have asked for a better fit to Sparta's mission and culture."
Dushyanth Surakanti, Chief Executive Officer of Sparta Biomedical, said, "This financing enables the acceleration of preclinical activities so that we are one step closer to delivering a value driven first-of-its-kind solution to millions suffering from knee pain and compromised mobility."
Source: Sparta Biomedical, Inc.