Carticept Medical, a US-based medical device company specialising in osteoarthritis and cartilage damage, closed a $10m series C round on Wednesday from investors including ultrasound device manufacturer SonoSite.
The round was led by Domain Associates and also featured fellow venture capital firm New Enterprise Associates (NEA). All three participate in the round as existing investors in Carticept, having previously funded a $20m series B round in March 2010.
Carticept is planning to use the capital to finance the commercial launch of its Navigator Delivery System, a computerised drug delivery system that uses ultrasound technology to make administering medicine for joint pain both safer and more accurate.
Carticept received clearance to market the device from the US Food and Drug Administration in September.
Timothy J. Patrick, chief executive officer of Carticept, said: "The support of our existing investors validates the investment community’s continued confidence in the vision of the company and the benefits of our product platform to improve the efficiency and accuracy of injection delivery. With the completion of this financing, we are well positioned to launch the Navigator DS in leading orthopaedic and sports medicine centres across the United States."