Proceeds to Fund NUsurface® Clinical Trials and U.S. Regulatory Approval
MEMPHIS, Tenn.–(BUSINESS WIRE)–Active Implants LLC, the technology leader in cushion bearing orthopaedics with its NUsurface® Meniscus Implant, today announced that it closed the first tranche of $8.7 million in new funding of a total commitment of $26.0 million. The new round of financing was led by View Capital RIA, L.P. (Dallas, TX) and River Street Management (Memphis, TN). Proceeds will be used to fund completion of a Multi-Center Trial on the NUsurface® Meniscus Implant, which is currently enrolling patients in Europe and Israel, and initiate a randomized clinical trial to support application for U.S. regulatory approval.
Elliott Hershman, M.D., Chairman of the Department of Orthopaedics at Lenox Hill Hospital in New York, who has served as the Chief Medical Advisor of Active Implants since inception states, “The NUsurface® Meniscus Implant is a novel, composite polymer implant which is used to treat knee patients who have pain and disability arising from osteoarthritis (OA) caused by a previous meniscectomy, meniscus dysfunction or insufficiency. The NUsurface® Meniscus Implant was designed to meet the needs of patients too old for meniscus repair and too young for a total knee replacement.”
“Clinical studies outside the USA have demonstrated the superiority of our NUsurface® Meniscus Implant over current standard-of-care treatments,” says Henry Klyce, Chairman and CEO of Active Implants. “The NUsurface® meniscus implant is designed to fill a significant treatment gap between non-operative care and knee replacement surgery.” Active Implants LLC estimates the potential worldwide market for the NUsurface® product to be in excess of $2.0 billion annually.
Active Implants has been working with leading knee sports medicine surgeons in Europe and Israel on a prospective controlled, Multi-Center Trial of the NUsurface® Meniscus Implant. Peter Verdonk, M.D., Ph.D., from Orthopaedic Center Monica Hospitals Antwerp and the University of Ghent, Belgium, has enrolled patients in the study for two years and said, “I am impressed with the results observed to date and believe this technology could represent a new method of treating patients with meniscus problems who are often on a long and painful progression to knee replacement.”
Active Implants LLC is privately held and based in Memphis, TN. The Company’s core technology is intended to introduce orthopaedic implant solutions that better integrate with the natural biomechanics of the musculoskeletal system. The Company has additional offices in Driebergen, The Netherlands and Netanya, Israel.