Moximed Completes Closing of Series D Financing for $91 Million to Accelerate Commercialization of MISHA® Knee System, an Implantable Shock Absorber for Knee Osteoarthritis
13 Agosto 2024 - 7:01AM
Business Wire
- New investor Elevage Medical Technologies leads funding round
with Cormorant Asset Management and Warren Point Capital joining
the investor syndicate
Moximed, an innovative medical device company on a mission to
improve the standard of care for people with knee osteoarthritis
(OA), today announced the closing on $61 million of Series D
preferred stock financing with an option to close on up to an
additional $30 million. The round was led by Elevage Medical
Technologies, a Patient Square Capital platform, with participation
from new investors Cormorant Asset Management and Warren Point
Capital and existing investors New Enterprise Associates (NEA),
Future Fund, Advent Life Sciences, Gilde Healthcare, Vertex
Ventures HC, GBS Venture Partners, and Morgenthaler Ventures.
Proceeds from the financing will be used to accelerate U.S.
commercialization of Moximed’s MISHA® Knee System, the world’s
first implantable shock absorber (ISA) for knee osteoarthritis. OA
is a common, debilitating condition, affecting the lives of over 32
million adults in the U.S, and projected to impact 70 million
Americans by 2040.
Moximed utilized the clinically established benefits of weight
load reduction on diseased joints to design and develop the MISHA
Knee System, which is dedicated to helping people with
mild-to-moderate OA preserve their knee joints while enjoying
active lives. Implanted during an outpatient procedure, the MISHA
Knee System has been shown to alleviate pain, improve function, and
delay the need for total knee replacement in some patients.
“This financing is validation of the significant market
opportunity for the MISHA Knee System,” said Chris Gleason,
President and Chief Executive Officer of Moximed. “We are seeing
tremendous interest from surgeons and patients, and we are excited
to rapidly expand our commercial infrastructure to address evolving
patient needs in this growing market.”
As part of the financing, Michael Wasserman, Ph.D., of Elevage
Medical will join Moximed’s Board of Directors. Prior to Elevage,
Dr. Wasserman served as Managing Partner of Maverix Private Equity
and spent 17 years at H.I.G. Capital. Dr. Wasserman has served on
the boards of numerous growth-stage businesses including
HyperBranch Medical Technologies (Stryker), NeuWave Medical
(Johnson & Johnson), and VertiFlex (Boston Scientific).
“Elevage is thrilled to partner with Moximed as it continues to
generate commercial momentum,” stated Wasserman. “The size of
Moximed’s market opportunity, the product differentiation, and its
clinical value proposition are highly compelling attributes. We are
pleased that our investment will help fuel significant expansion of
the Moximed business and positively impact the lives of countless
patients.”
“A medical device financing of this magnitude is a strong vote
of confidence in this competitive funding environment,” said James
Leech, Chief Financial and Strategy Officer of Moximed. “Our unique
market opportunity, technology, and high caliber team enabled us to
attract blue-chip investors in this important financing. We look
forward to using these proceeds to expand patient and surgeon
access to our breakthrough technology.”
“I am extremely proud of the Moximed team for taking the next
steps in delivering a highly impactful product that addresses a
significant clinical need for a large number of people,” noted Josh
Makower, M.D., Co-founder and Chairman of the Board of Directors of
Moximed. “The MISHA Knee System has the potential to help millions
of patients suffering from medial knee OA who are not ready for
joint replacement.”
About Moximed
Moximed’s technology, the MISHA Knee System, is the result of
over a decade of clinical research and development and is the first
implantable shock absorber for the treatment of medial compartment
knee osteoarthritis (OA). With experienced med-tech leadership and
strong investor support, Moximed is poised to elevate the standard
of care and quality of life for millions of pre-arthroplasty knee
OA sufferers hindered by arthritic knee pain and function loss.
Moximed is based in Fremont, California.
To learn more, visit www.moximed.com.
About The MISHA® Knee System
Moximed’s MISHA Knee System is for people with medial knee OA
who failed to find relief from previous treatments. These patients
continue to experience pain that interferes with daily activities,
and are ineligible for, or unwilling to undergo, joint replacement
due to age or absence of advanced OA.
Knee OA develops when the joint’s natural shock absorbers,
cartilage and meniscus, no longer cushion the joint from daily
activities, leading to chronic pain and activity limitation. Many
people with mild to moderate OA are otherwise healthy, in their
prime working years, and have busy lives. For these patients, total
knee replacement is a reluctant option, as it is an end-stage
treatment for end-stage disease. OA patients without end-stage
disease seek options that preserve their knee, activity level, and
quality of life.
Reducing weight on painful osteoarthritic joints is known to
reduce pain and improve function. The MISHA Knee System is the
first implantable shock absorber that reduces weight on the knee
joint with every walking step, easing pain, preserving function,
and possibly delaying joint replacement surgery. The implant is
placed on the medial knee and moves with the natural joint,
reducing about 30% of the peak force on the knee with every walking
step.
The MISHA Knee System is FDA cleared.
About Elevage Medical Technologies
Elevage Medical Technologies is a platform established by
Patient Square Capital and is dedicated to supporting medical
technology companies that can meaningfully improve health outcomes
and quality of life for patients. Elevage provides capital along
with deep technical, regulatory, and operational expertise to
companies ranging from advanced clinical development to commercial
acceleration stage. Elevage supports rapidly growing, highly
differentiated companies with paradigm shifting technologies and
strives to help build industry leading medical technology
businesses. To learn more about Elevage, please visit
www.elevagemedical.com.
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