HAYWARD, Calif.--(BUSINESS WIRE)--Moximed®, Inc., developer of the KineSpring® System, a joint unloading knee implant for pre-arthroplasty patients who hope to lead an active lifestyle, announced a round of financing of approximately $33MM that includes new investor Vertex Venture Holdings Ltd. (Vertex) and returning investors New Enterprise Associates, Gilde Healthcare Partners, Morgenthaler Ventures, and GBS Venture Partners.
“We are excited to add Vertex as a new investor, and we gratefully appreciate the continued support of our previous investors. The new capital will support the company’s efforts to gain FDA approval of the KineSpring System and grow commercial sales in Europe,” stated CEO Kevin Sidow. “We continue to be encouraged by the relief brought to patients worldwide by the KineSpring System and by the strong interest in a joint preserving treatment that allows patients to maintain the lifestyle they expect and deserve.”
As part of the financing round, Christopher Shen, M.D., Managing Director and head of U.S. healthcare investing at Vertex, will join the Board of Directors. “Vertex shares Moximed’s vision of the vast opportunity to make joint unloading a standard of care for osteoarthritis patients. A procedure that could potentially avoid or delay joint replacement and costly revision arthroplasty surgeries would appeal to all stakeholders: patients, surgeons, payers, and employers.”
Professor Philipp Niemeyer, M.D., of the University of Freiburg and a clinical investigator in Moximed’s GOAL Study commented, “The clinical benefit of joint unloading is proven to reduce pain. However, while some methods of unloading will transfer the load to other parts of the knee and can actually accelerate OA progression, the KineSpring System has been shown to reduce overall loading on the knee and can be a valuable treatment option. In my practice, patients have been very interested in exploring this treatment option.”
Osteoarthritis (OA), the most common form of arthritis, is a degenerative disease affecting the hands, knees, hips, feet and spine. According to the Centers for Disease Control and Prevention (CDC), OA affects 27 million adults in the US. It is caused by changes in cartilage, the soft tissue that cushions and protects bone, leading to pain and changes in the shape of the joint. In knee OA, as the cartilage wears away, the bone ends may begin to rub against each other, causing severe pain. While drugs and certain cartilage repair procedures may temporarily relieve pain, they often do not treat the underlying problems that led to OA. Conversely, research suggests that if the excess stress on the joint is removed, as with the KineSpring System, pain may decrease and the natural joint tissues may demonstrate some recovery.
About the KineSpring System
The KineSpring System is an innovative treatment option for pre-arthroplasty patients with mild to moderate knee osteoarthritis that find conservative therapy, such as pain medication and knee braces, unsuccessful but who are not ready for full joint-altering knee surgery. The KineSpring System is implanted in the subcutaneous tissue alongside the joint to cushion the knee from excessive loading. Importantly, the KineSpring System is completely joint-sparing so future treatment options are maintained.
The KineSpring System, which is CE marked and available in major European markets, has been implanted in over 1,000 cases worldwide. It is investigational in the US.
Moximed, Inc. is dedicated to improving the standard of care for patients with osteoarthritis (OA). OA, the most common form of arthritis, leads to a breakdown of the joint’s cartilage and often results in joint pain and loss of motion. OA commonly affects the knees, hips, hands, or back. Moximed is initially focused on developing minimally invasive, joint preserving solutions for patients with knee osteoarthritis. Moximed is supported by world-leading venture investors including New Enterprise Associates (NEA), Vertex Venture Holdings Ltd., Gilde Healthcare Partners, Morgenthaler Ventures, and GBS Venture Partners. More information can be found at www.moximed.com.