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.
