ALPHARETTA, Ga.--(BUSINESS WIRE)--Cartiva, Inc., a developer of innovative products for the treatment of cartilage damage and osteoarthritis, announced today that it has secured $8.5 million in an oversubscribed Series E financing led by New Enterprise Associates (NEA) with participation by Windham Venture Partners and other returning investors. Proceeds from the financing will support the Company’s commercialization of its Cartiva Synthetic Cartilage Implant (SCI), the first Premarket Approval (PMA) approved alternative to fusion for arthritis of the big toe joint, and for general corporate purposes.
“With compelling Level I clinical data, Cartiva SCI is an exciting new product in the lower extremities market, the fastest growing segment of orthopedics. We are pleased to continue our partnership with Cartiva and to support their progress in making Cartiva SCI widely available as a preferred motion-preserving treatment option,” said Justin Klein, M.D., J.D., NEA partner and a member of Cartiva’s board of directors.
The Company also announced that it has expanded its existing debt facility with Silicon Valley Bank, providing for additional optional term loan debt and the addition of an accounts receivable revolving credit facility. Scott McCarty, Director at Silicon Valley Bank said, “We have had a long-term relationship with Cartiva and are pleased to offer them the financial services they need to support their rapidly expanding business.”
About Cartiva, Inc.
Based in Alpharetta, Ga., Cartiva, Inc. develops and markets innovative solutions for patients with cartilage damage and osteoarthritis. Cartiva’s venture investors include New Enterprise Associates, Windham Venture Partners and Domain Associates. Additional information is available on the company’s website at www.cartiva.net.
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 Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
©2017 SVB Financial Group. All rights reserved. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB).
Peter Pizzo, 770-754-3855
Chief Financial Officer
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