MEMPHIS, Tenn.--(BUSINESS WIRE)--Active Implants, LLC, a company that develops orthopedic implant solutions, today announced that it completed the first $10 million tranche of a $40 million Class D Units financing. The financing is to be comprised of $30 million from first-time investor LS Health Science Partners, L.P., with another $10 million to be contributed by existing investors.
“This investment reflects our enthusiasm for the NUsurface technology and its potential to fill a large unmet need in the market,” said Haynes Morris, managing partner for LS Health Science Partners. “We are pleased to participate in this new infusion of capital to help carry the company through this important phase of product development.”
An initial investment of $10 million has been received from LS Health Science Partners, with the remaining $30 million to be funded in tranches. The company intends to use the proceeds to continue funding two clinical trials of the NUsurface® Meniscus Implant – an investigational treatment for patients with persistent knee pain following medial meniscus surgery.
“Recruitment for the SUN and VENUS clinical trials for our NUsurface Meniscus Implant is going extremely well, and we expect to complete enrollment by the end of the year,” said Ted Davis, president and CEO of Active Implants. “This additional investment will allow us to continue our research and clinical development programs as we progress in and work toward bringing the first artificial meniscus to market.”
About Meniscus Injuries
A damaged meniscus has a very limited ability to heal itself, which can eventually lead to knee replacement surgery. It has been estimated that from 700,000 to over 1 million arthroscopic partial meniscectomies are performed annually in the U.S., with annual direct medical costs estimated at $4 billion. Active Implants estimates that in the U.S. alone, more than 130,000 meniscectomy patients per year would be appropriate candidates for the NUsurface Meniscus Implant.
About the NUsurface Meniscus Implant
The NUsurface Meniscus Implant is an investigational treatment for patients with persistent knee pain following medial meniscus surgery. It is made from medical grade polymer and, as a result of its unique materials, composite structure and design, does not require fixation to bone or soft tissues. The NUsurface Meniscus Implant mimics the function of the natural meniscus and redistributes loads transmitted across the knee joint. Clinical trials are underway in the U.S., Europe and Israel to verify the safety and effectiveness of the NUsurface Meniscus Implant, which has been used in Europe under CE Mark since 2008 and in Israel since 2011.
About Active Implants
Active Implants LLC develops orthopedic implant solutions that complement the natural biomechanics of the musculoskeletal system, allowing patients to maintain or return to an active lifestyle. Active Implants is privately held with headquarters in Memphis, Tennessee. European offices are in Driebergen, The Netherlands, with R&D facilities in Netanya, Israel. For more information, visit www.activeimplants.com.
CAUTION Investigational device. Limited by United States law to investigational use.