Proceeds from the financing will be used to gain the necessary regulatory approvals and establish commercial infrastructure for the MISHA Knee System
Moximed, a medical device company on a mission to improve the standard of care for people with knee osteoarthritis (OA), today announced $40 million in Series C equity and debt financing. The round was led by Advent Life Sciences and also included returning investors New Enterprise Associates (NEA), Future Fund, Vertex Healthcare, Gilde Healthcare, GBS Venture Partners and Morgenthaler Ventures, with debt financing provided by Runway Growth Capital.
Proceeds from the financing will be used to gain the necessary regulatory approvals and establish commercial infrastructure for the MISHA Knee System, the world’s first implantable shock absorber (ISA) for the knee.
Dedicated to helping people with mild to moderate osteoarthritis preserve their knee joints while living active lives, Moximed utilized the clinically established benefits of weight load reduction on diseased joints to design the MISHA Knee System. Implanted during an outpatient procedure, the MISHA Knee System has been shown to alleviate pain, improve function, and potentially delay the need for total knee replacement in some patients. Results from Moximed’s recently completed Calypso pivotal study of the device will be presented at the Orthopedic Summit (OSET) in Boston on September 22, 2022.
“Once non-surgical care is exhausted, patients suffering from knee OA become very frustrated with the lack of options to address their continued pain and disability. As their surgeon, I share their frustration. When, despite our best medical management efforts, my patients are faced with enduring chronic pain or submitting to early joint replacement, I’m left offering them options that they really don’t want,” said Anil Ranawat, M.D., Chief, Hip and Knee Division of Sports Medicine Institute, Hospital for Special Surgery in New York.
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. 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 to live. 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.
“We’ve listened carefully to patients, and their surgeons, and we’re excited to develop a solution that meets their needs,” said Anton Clifford, Ph.D., Moximed CEO. “Patients deserve treatment options that allow them to live life to their fullest abilities, whether it’s caring for a loved one, returning to a favorite sport, or simply getting through their working day. Results from our pivotal study show the MISHA Knee System not only alleviates pain and OA-induced activity limitations, but also offers complete preservation of the knee, an outpatient procedure, and early weight bearing. These are all strong preferences expressed by our patient population.”
“Working people who have knee OA have been waiting for a solution that falls between conservative care and eventual joint replacement. Moximed has the potential to fill this gap in knee OA treatment with the MISHA Knee System, and we are excited to further support Moximed’s efforts to alter the treatment paradigm for millions of Americans,” said Shahzad Malik, M.D., General Partner, Advent Life Sciences.
Source: Company Press Release