MEMPHIS, Tenn.–(BUSINESS WIRE)–April 10, 2006–Active Implants Corporation (AIC), an early intervention orthopedic implant company, today announced it has begun a European clinical trial of an all-polymer hip implant and has raised $10 million to date in a Series A Preferred Stock offering.
The low wear, pliable polymer hip implant developed by AIC is an alternative to traditional, rigid metal implants used today for reconstruction of degenerated joints. The AIC hip product is implanted with minimal bone preparation, finger-touch surgical technique and proprietary flexible fixation without cement.
“Following several years of research and development, we are pleased to take this important step as a company,” said President and Chief Executive Officer Stephen Bradshaw. “Through advanced pliable materials and truly innovative design considerations, AIC expects to introduce new orthopedic implant solutions with added patient benefits.”
AIC is first developing its resilient implants for the hip and knee. Patients with early degenerative joint changes today have limited solutions to provide pain-free motion and increased activity. Physicians are often forced to use temporary measures and prescribe physical therapy, limited activity, pharmaceuticals or arthroscopic debridements for these patients. “Our objective is to provide a feasible, less invasive implant option that restores quality of life for the patient earlier in life,” said Stephen Bradshaw.
Commenting on reaching the $10 million funding milestone with the company’s Series A Preferred Stock offering, Bradshaw said: “We are pleased to have an experienced group of investors in our company.” AIC achieved its Series A capitalization goal primarily through private, sophisticated investors in Memphis, Tennessee. The city ranks second in the U.S. in Orthopedic Medical Device and Instrument manufacturing.
Active Implants Corporation is a privately-held Delaware Corporation formed in 2004 by an experienced team of orthopedic executives and an inventor with vast experience in pliable structured material technology. AIC owns a robust intellectual property estate of innovative, pliable structured implant solutions and proprietary minimally invasive systems with a broad range of orthopedic applications. Headquartered in Memphis, Tennessee, the company established a wholly-owned research and development center in Netanya, Israel, in June 2005.
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