Cartiva, Inc., (Company) a developer of innovative products for the treatment of cartilage injuries and osteoarthritis, today announced that it has secured $8.5 million in an oversubscribed Series D financing led by New Enterprise Associates (NEA) and with participation by new investor Windham Ventures Partners.
Proceeds from the financing are expected to fund the Company through PMA approval of its Cartiva Synthetic Cartilage Implant following the Company’s previously announced submission of the PMA application to FDA last month. The proceeds will also support the post 510(k) clearance clinical evaluations of the Company’s ProxiFuse Hammertoe Compression System and its GRIP Study evaluating Cartiva SCI in the treatment of osteoarthritis at the base of the thumb.
“We are grateful for the continued support of NEA, one of the premier venture capitals firm in the world, and welcome the addition of Windham Venture Partners, which builds on the strength of our investors,” said Tim Patrick, President and CEO of Cartiva, Inc. “Our ability to raise capital from such quality investors is a testament to the significant progress we have made in establishing the clinical benefits of our synthetic cartilage treatment. The results from our MOTION Study were accepted for presentation at the July Annual Meeting of the American Orthopaedic Foot and Ankle Society. We are excited to share the results of this large, randomized clinical study to Foot and Ankle surgeons this summer in Long Beach.”
The Company also announced that Eric A. Stookey had joined the board of directors earlier this year. Mr. Stookey is Chief Operating Officer of OsteoRemedies, LLC, a company with the first FDA-cleared modular system for two-stage revision of infected hip and knee total joints. Prior to joining OsteoRemedies earlier this year, Mr. Stookey had a nearly 20-year career at Wright Medical Group, Inc., most recently serving as President of the Extremities & Biologics division. Mr. Stookey, who earned his Masters of Business Administration degree from Christian Brothers University and his Bachelor of Science degree in Business from Indiana University, currently serves on the board of Amedica Corporation (Nasdaq:AMDA), a biomaterial company focused on silicon nitride ceramics.
“We are delighted to have Eric join the Cartiva Board of Directors,” said Mr. Patrick. “With deep knowledge and years of experience in sales channel development, strategic planning and launching new and innovative orthopedic medical devices, his appointment strengthens the executive leadership team and adds significant operational and commercial expertise.”
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $17 billion in cumulative committed capital since inception, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions. www.nea.com.
About Windham Venture Partners
Founded in 2006, Windham Venture Partners is a New York City based venture capital firm focused on healthcare technology, with a particular emphasis on medical technology (devices and diagnostics) and digital health (the intersection of healthcare and information technology). Windham seeks to invest in and partner with companies that are commercializing game-changing technologies to serve unmet needs in order to improve the lives of large numbers of patients and yield robust returns for its investors. www.windhamvp.com.
Peter Pizzo, 770-754-3855
Chief Financial Officer