Orthobiologic product maker Bioventus has invested $2.5m in Israel-based orthobiologic implant developer CartiHeal, increasing its latest financing round to $21m.
The round was led by life sciences-focused venture capital fund aMoon and included Johnson & Johnson Innovation – JJDC, the corporate venturing arm of pharmaceutical group Johnson & Johnson, as well as investment holding company Elron and VC fund Peregrine Ventures.
CartiHeal is developing a porous, biocompatible calcium carbonate bio-scaffold called Agili-C that will be used to treat cartilage and osteochondral defects in the joints of the knee.
The funding will support an ongoing investigational device exemption study for Agili-C that was initiated in October 2017. So far, 30 patients have enrolled in the study, which will require at least 250 before CartiHeal makes a premarket approval submission.
Johnson & Johnson Innovation – JJDC led a $15m round for CartiHeal in January 2016 that included Peregrine Ventures and existing backers Elron, investment firm Accelmed and VC fund Access Medical Ventures, taking the company’s overall funding to approximately $33m.
Bioventus chief executive Tony Bihl said: “Agili-C shows great promise to relieve osteoarthritis pain for a large patient population and we look forward following the pivotal trial to a successful culmination.”