Cartiva secured financing for future projects.
Here are five things to know:
1. Cartiva secured $8.5 million in an oversubscribed Series D financing.
2. New Enterprise Associates led the financing and new investor Windham Ventures Partners participated.
3. Proceeds are expected to fund the company through the PMA approval of the Cartiva Synthetic Cartilage Implant, which was submitted last month. They will also go to support post-FDA 510(k) clearance clinical evaluations for the ProxiFuse Hammertoe Correction System and GRIP study evaluating Cartiva SCI.
4. Eric A. Stookey also joined the company's board of directors earlier this year. He is COO of OsteoRemedies and spent 20 years at Wright Medical Group.
5. The company also reported results from the MOTION study accepted into the American Orthopaedic Foot and Ankle Society presentation in July.
"Our ability to raise capital from such quality investors is a testament to the significant progress we have made in establishing the clinical benefits of our synthetic cartilage treatment," said Cartiva President and CEO Tim Patrick.