Moximed, a Fremont, CA-based medical device company that aims to improve the standard of care for people with knee osteoarthritis (OA), closed a $61m Series D financing with an option to close on up to an additional $30m.
The round was led by Elevage Medical Technologies, a Patient Square Capital platform, with participation from new investors Cormorant Asset Management and Warren Point Capital and existing investors New Enterprise Associates (NEA), Future Fund, Advent Life Sciences, Gilde Healthcare, Vertex Ventures HC, GBS Venture Partners, and Morgenthaler Ventures.
The company intends to use the proceeds from the financing to accelerate U.S. commercialization of its MISHA® Knee System, an implantable shock absorber (ISA) for knee osteoarthritis.
Led by Chris Gleason, President and Chief Executive Officer, Moximed utilized the clinically established benefits of weight load reduction on diseased joints to design and develop the MISHA Knee System, which is dedicated to helping people with mild-to-moderate OA preserve their knee joints while enjoying active lives. Implanted during an outpatient procedure, the MISHA Knee System has been shown to alleviate pain, improve function, and delay the need for total knee replacement in some patients.
As part of the financing, Michael Wasserman, Ph.D., of Elevage Medical will join Moximed’s Board of Directors. Prior to Elevage, Dr. Wasserman served as Managing Partner of Maverix Private Equity and spent 17 years at H.I.G. Capital. Dr. Wasserman has served on the boards of numerous growth-stage businesses including HyperBranch Medical Technologies (Stryker), NeuWave Medical (Johnson & Johnson), and VertiFlex (Boston Scientific).
FinSMEs
14/08/2024