Biomimedica®, Incorporated (www.biomimedica.com), a medical device start-up company focused on the development and commercialization of its proprietary GRADION™ Total Cartilage Replacement™ (“TCR™”) technology, announced today that it has closed its Series-B financing, raising $11.9 million from a combination of new and existing investors, including conversion of approximately $2.8 million in bridge loans. Participants in this round include new investors Troika Ventures (Russia) and Biedermann Motech (Germany), together with existing investors Emergent Medical Partners (Portola Valley, CA) and Asset Management Ventures (Palo Alto, CA). Troika Ventures acted as lead investor in this round.
Artyom Yukhin, Managing Partner of Troika Ventures, commented: “Biomimedica’s technology is designed to treat a variety of cartilage defects, including osteoarthritis affecting the entire joint. This unique approach is intended to maximize the preservation of natural bone and restore the natural function of cartilage, with the goal of allowing patients to return to their normal lifestyle. We believe this technology will be particularly important for younger, more active patients who desire better alternatives to conventional total joint replacement. We are very pleased to join this investment group and support Biomimedica’s efforts to commercialize this exciting new product platform.”
Jeff Roberts, Biomimedica’s President and Chief Executive Officer commented: “We were very pleased to see such strong interest in our company and technology platform, particularly from international groups. We welcome our new investors, Troika Ventures and Biedermann Motech, to the Biomimedica team. They share our vision of creating a new approach to treating osteoarthritis in large and small joints, and we look forward to working with them in this endeavor.”
About Biomimedica® Inc.
Biomimedica is developing new products that feature GRADION™ TCR™ technology, a synthetic polymer with properties that mimic the basic structure and function of the hyaline cartilage that lines articulating joints, such as the hip, knee, shoulder and ankle. Unlike hydrogels and other polymers, Biomimedica’s synthetic GRADION™ material has the unique capability of maintaining low friction and low wear under the high loads encountered in human joints. Biomimedica is preparing for a clinical study in Europe of its GRADION™ TCR™ product for hip applications, and expects to begin enrollment next year. Biomimedica’s products are in the development stage and have not been approved for use in humans by any regulatory agency.