WESTBOROUGH, Mass.--(BUSINESS WIRE)--Miach Orthopaedics, Inc., a company transforming the treatment of anterior cruciate ligament (ACL) tears from reconstruction to restoration with the Bridge-Enhanced ACL Restoration (BEAR®) Implant, today announced closing of a $40 million financing round. The funds will enable ongoing operations and expand the U.S. commercial rollout of the BEAR Implant.
The financing includes $30 million in Series B equity from lead investors Sectoral Asset Management and Endeavour Vision, as well as existing investors including Amzak Health, Smith+Nephew, DSM Venturing and the NFL Players Association. In addition, the company has signed a $10 million venture debt term sheet with Silicon Valley Bank with the intent to close the loan shortly following the Series B closing. Sectoral and Endeavour will each be represented on the Miach board of directors.
“Since launching our BEAR Implant in fall 2021, we’ve received tremendous interest from both surgeons and patients alike, who understand the benefits of healing a torn ACL rather than replacing it,” said Patrick McBrayer, president and CEO, Miach Orthopaedics. “More than 500 patients have been treated with the BEAR Implant commercially. This additional investment will allow us to expand our presence nationwide and bring the benefits of ACL restoration to more patients with ACL tears.”
The BEAR Implant serves as a bridge to restore the patient’s own ACL and is the first medical technology that has been clinically proven to enable healing of a torn ACL. It is a paradigm shift from the current standard of care – reconstruction that replaces the ACL with a graft.
“The Miach team has made significant progress in U.S. commercialization of the BEAR Implant over the last year and is well-poised for rapid growth in the ACL repair market,” said Joyce Erony, managing partner, Amzak Health, and chair of Miach’s board of directors. “The ability to attract sizeable investment from leading venture capital firms and banks in a difficult fundraising environment is a testament to the Miach team and the potential of the BEAR Implant to become the standard of care.”
For more information about the BEAR Implant, visit miachortho.com.
About The BEAR® Implant
The Bridge-Enhanced ACL Restoration (BEAR®) Implant is a proprietary bio-engineered implant used to facilitate healing of the torn ACL. The BEAR Implant is the first medical technology to demonstrate, with Level 1 clinical evidence, that it enables the body to heal its own torn ACL. Unlike reconstruction, which is the current standard of care, the BEAR Implant does not require a second surgical wound site to remove a healthy tendon from another part of the leg or the use of a donor tendon. The BEAR Implant acts as a bridge between the two ends of the torn ACL. The surgeon injects a small amount of the patient’s own blood into the implant and inserts it between the torn ends of the ACL in a minimally invasive procedure. The combination of the BEAR Implant and the patient’s blood enables the body to heal the torn ends of the ACL back together while maintaining the ACL’s original attachments to the femur and tibia. The BEAR Implant is resorbed by the body as the ACL heals.
The BEAR Implant was granted De Novo Approval from the U.S. Food and Drug Administration in December 2020. It is indicated for skeletally mature patients at least 14 years of age with a complete rupture of the ACL, as confirmed by MRI. Patients must have an ACL stump attached to the tibia to facilitate the restoration. The BEAR device must be implanted within 50 days of injury. Visit miachortho.com for complete product information, including Instructions for Use.
About Miach Orthopaedics, Inc.
Miach Orthopaedics, Inc., is a privately held company located in Westborough, Massachusetts, dedicated to developing bio-engineered surgical implants for connective tissue restoration. The company’s initial focus is the BEAR® Implant, which represents a paradigm shift in the treatment of ACL tears from reconstruction to restoration. For more information on Miach Orthopaedics and its products, visit www.miachortho.com and follow the company on Facebook, Instagram, Twitter and LinkedIn.