Moximed Raises $40 Million to Advance World’s First Implantable Shock Absorber for Knee Osteoarthritis
August 16, 2022
FREMONT, Calif.–(BUSINESS WIRE)–Moximed, a medical gadget firm on a mission to enhance the usual of look after folks with knee osteoarthritis (OA), at this time introduced $40 million in Sequence C fairness and debt financing. The spherical was led by Introduction Life Sciences and in addition included returning traders New Enterprise Associates (NEA), Future Fund, Vertex Healthcare, Gilde Healthcare, GBS Enterprise Companions and Morgenthaler Ventures, with debt financing offered by Runway Development Capital.
Proceeds from the financing might be used to achieve the required regulatory approvals and set up industrial infrastructure for the MISHA™ Knee System, the world’s first implantable shock absorber (ISA) for the knee.
Devoted to serving to folks with delicate to reasonable osteoarthritis protect their knee joints whereas residing energetic lives, Moximed utilized the clinically established advantages of weight load discount on diseased joints to design the MISHA Knee System. Implanted throughout an outpatient process, the MISHA Knee System has been proven to alleviate ache, enhance perform, and doubtlessly delay the necessity for whole knee substitute in some sufferers.[1] Outcomes from Moximed’s lately accomplished Calypso pivotal research of the gadget might be offered on the Orthopedic Summit (OSET) in Boston on September 22, 2022.
“As soon as non-surgical care is exhausted, sufferers affected by knee OA develop into very pissed off with the shortage of choices to deal with their continued ache and incapacity. As their surgeon, I share their frustration. When, regardless of our greatest medical administration efforts, my sufferers are confronted with enduring power ache or submitting to early joint substitute, I’m left providing them choices that they actually don’t need,” mentioned Anil Ranawat, M.D., Chief, Hip and Knee Division of Sports activities Drugs Institute, Hospital for Particular Surgical procedure in New York.
Osteoarthritis (OA) is a standard, debilitating situation, affecting the lives of over 32 million adults within the U.S, and projected to influence 70 million People by 2040. Knee OA develops when the joint’s pure shock absorbers, cartilage and meniscus, not cushion the joint from each day actions, resulting in power ache and exercise limitation. Many individuals with delicate to reasonable OA are in any other case wholesome, of their prime working years, and have busy lives to dwell. For these sufferers, whole knee substitute is a reluctant choice, as it’s an end-stage therapy for end-stage illness. OA sufferers with out end-stage illness search choices that protect their knee, exercise stage, and high quality of life.
“We’ve listened fastidiously to sufferers, and their surgeons, and we’re excited to develop an answer that meets their wants,” mentioned Anton Clifford, Ph.D., Moximed CEO. “Sufferers deserve therapy choices that permit them to dwell life to their fullest talents, whether or not it’s caring for a cherished one, returning to a favourite sport, or just getting by way of their working day. Outcomes from our pivotal research present the MISHA Knee System not solely alleviates ache and OA-induced exercise limitations, but additionally affords full preservation of the knee, an outpatient process, and early weight bearing. These are all sturdy preferences expressed by our affected person inhabitants.”
“Working individuals who have knee OA have been ready for an answer that falls between conservative care and eventual joint substitute. Moximed has the potential to fill this hole in knee OA therapy with the MISHA Knee System, and we’re excited to additional help Moximed’s efforts to change the therapy paradigm for tens of millions of People,” mentioned Shahzad Malik, M.D., Common Accomplice, Introduction Life Sciences.
About Moximed
Moximed was based in 2008 and is devoted to serving to folks with delicate to reasonable osteoarthritis protect their knee joints whereas residing wholesome, energetic lives. The corporate’s know-how, the MISHA™ Knee System, is the results of over a decade of medical analysis and growth and is the primary implantable shock absorber being developed for the therapy of medial compartment knee osteoarthritis (OA). With skilled medtech management and robust investor help, Moximed is poised to raise the usual of care and high quality of life for tens of millions of pre-arthroplasty knee OA victims hindered by arthritic knee ache and performance loss. Moximed is predicated in Fremont, California.
About The MISHA™ Knee System
Lowering weight on painful osteoarthritic joints is thought to scale back ache and enhance perform. The MISHA™ Knee System being developed is the primary implantable shock absorber that reduces weight on the knee joint with each strolling step, easing ache, preserving perform, and probably delaying joint substitute surgical procedure. The implant is positioned on the medial knee and strikes with the pure joint, lowering about 30% of the height drive on the knee with each strolling step.[2]
About Introduction Life Sciences
Introduction Life Sciences founds and invests in early- and mid-stage life sciences firms which have a first- or best-in-class strategy to unmet medical wants. The funding group consists of skilled professionals, every with in depth scientific, medical and operational expertise, and a long-standing file of entrepreneurial and funding success within the US and Europe. The agency invests in a variety of sectors inside life sciences, together with med tech, drug discovery, enabling applied sciences, digital well being, at all times with an emphasis on modern, paradigm-changing approaches. Introduction Life Sciences has a presence within the UK, US, and France. For extra data, please go to www.adventls.com.
1 Information on file at Moximed.
2 Morgan OJ, Hillstrom HJ, Ranawat A, Fragomen AT, Rozbruch SR, Hillstrom R. Results of a Medial Knee Unloading Implant on Tibiofemoral Joint Mechanics Throughout Strolling. J Orthop Res. 2019;37(10):2149-2156. doi:10.1002/jor.24379.
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