Israel-based orthobiologic medical device provider CartiHeal raised $15m from orthopaedic biosurgery product manufacturer Bioventus yesterday.
CartiHeal produces bone implants for cartilage and osteochondral injuries in the knee joints. More than 400 patients in Europe and Israel have used the product but it is not yet available in the United States, where it is undergoing an investigational device exemption (IDE) clinical trial.
The funding came in the wake of a cross-border IDE study, and Bioventus may provide an additional $5m for CartiHeal to finalise the trial. It will use the cash to follow up with patients who have taken part in the study.
Bioventus provided $2.5m in a $21m round for CartiHeal in early 2018 that was led by aMoon and which included Johnson & Johnson Innovation – JJDC, the corporate venturing arm of pharmaceutical firm Johnson & Johnson, as well as Elron and Peregrine Ventures.
The company had secured $15m in a 2016 round led by JJDC that also featured Peregrine Ventures and existing investors Accelmed, Access Medical Ventures and Elron to push its overall funding to $35m.
