KFAR SABA, Israel, January 12, 2016 /PRNewswire/ --
Funds will support commercialization of its CE-marked cell-free, cartilage regeneration technology
CartiHeal (2009) Ltd., developer of a cell-free, off-the-shelf cartilage and bone regeneration device, announced today the culmination of a $15M financing round. The funds will be used to promote ongoing manufacturing scale-up, plan for initial European commercialization in 2017 and expansion of clinical studies to new therapeutic areas. The investment was led by Johnson & Johnson Innovation - JJDC Inc. together with CartiHeal's existing investors: Elron, Accelmed, Access Medical Ventures and Peregrine Ventures.
CartiHeal's cell free and off-the shelf implant - Agili-C™ - has been successfully implanted in nearly 200 patients throughout Europe and obtained CE approval. Agili-C™ is indicated for the treatment of cartilage and osteochondral defects in degenerative and non-degenerative lesions. Results from procedures in the knee, ankle and great toe indicate regeneration of hyaline cartilage and its underlying subchondral bone, as well as significant improvement in pain levels and reduction of related symptoms.
Uri Geiger, Managing partner of Accelmed and a board member with Cartiheal, stated that: "This round of funding is a testament to the investor's commitment and satisfaction with CartiHeal's progress, and its revolutionary paradigm change in the treatment of cartilage and osteoarthritis".
"The Agili-C™ implant has demonstrated outstanding ability to reproducibly regenerate hyaline cartilage", says Mr. Nir Altschuler, Founder & CEO of CartiHeal. "Agili-C™ enables biological resurfacing of cartilage and its underlying subchondral bone through a tissue regeneration process. The device is suitable for a wide range of pathologies from focal traumatic lesions to moderate stages of osteoarthritis". Altschuler added "We believe that it will provide a good solution for a vast unmet need, especially for patients with osteoarthritis who do not respond to conservative treatment while their condition is not severe enough to justify full joint replacement. This investment will position CartiHeal as a significant player in the treatment of early osteoarthritis".
CartiHeal, a privately held medical device company headquartered in Israel, is a pioneer in the field of regenerative medicine, providing simple and effective solutions for both degenerative and non-degenerative articular cartilage lesions. The company was founded by Nir Altschuler and Ben-Gurion University of the Negev.
Backed by extensive clinical evidence, its flagship product - Agili-C™, has shown to promote regeneration of true hyaline cartilage and its underlying subchondral bone, simultaneously, without the use of cells, growth factors or other exogenous agents. The CE marked implant is a rigid bi-phasic scaffold composed of biocompatible and biodegradable materials.
CartiHeal is an ISO 13485 & ISO 9001 certified company.
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SOURCE CartiHeal (2009) Ltd.