ALPHARETTA, Ga.--(BUSINESS WIRE)--Cartiva, Inc., a developer of innovative products for the treatment of cartilage injuries and osteoarthritis, today announced that the Company has secured $4.3 million in financing led by New Enterprise Associates (NEA). In conjunction with the financing, NEA partner Justin Klein, M.D., J.D. has joined the Cartiva Board of Directors.
"NEA is very excited to broaden our partnership with the Cartiva management team as they work to bring this innovative new technology to the over two million Americans suffering from the debilitating pain of this condition"
In June 2012, Cartiva completed enrollment in the MOTION study, the largest prospective randomized clinical trial for osteoarthritis of the first metatarsophalangeal (MTP) joint of the great toe ever conducted. The 236-patient study was designed to determine the safety and efficacy of the Company's Cartiva Synthetic Cartilage Implant (SCI) in comparison to fusion, the current standard of care.
"NEA is very excited to broaden our partnership with the Cartiva management team as they work to bring this innovative new technology to the over two million Americans suffering from the debilitating pain of this condition," said Dr. Klein. "The Company has run a very high quality randomized clinical trial to demonstrate the benefits of this less invasive, motion-preserving alternative to traditional joint fusion. We are looking forward to seeing the results from the study as the last patients complete follow up next year."
The Cartiva procedure maintains range of motion by replacing the damaged cartilage in the great toe with a smooth, resilient cartilage-like polymer. While fusion is effective at reducing pain caused by advanced arthritis in the great toe, it prohibits natural joint motion by fusing the joint with plates and screws. Cartiva patients also avoid the inconvenience of wearing a hard cast for six to eight weeks following a fusion procedure.
"This financing will provide us with additional resources to support the MOTION study through the data analysis of the trial and initial Premarket Approval Application (PMA) submission to the U.S. Food and Drug Administration (FDA)," said Timothy J. Patrick, president and chief executive officer of Cartiva. "The continued support and confidence of a top-tiered investor such as NEA is a validation of our technology. We welcome Dr. Klein to the board and look forward to continuing our work with him and the rest of the NEA team."
NEA is a leading venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With approximately $13 billion in committed capital, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record includes more than 175 portfolio company IPOs and more than 295 acquisitions. In the U.S., NEA has two offices in the Washington, D.C. metropolitan area and one in Menlo Park, Calif. For additional information, visit www.nea.com.
About Cartiva, Inc.
Based in Alpharetta, Ga. and spun off from Carticept Medical, Inc. in December 2011, Cartiva, Inc. develops and markets innovative solutions for patients with osteoarthritis or cartilage damage. Additional information is available on the Company's website at www.cartiva.net.
Peter Pizzo, 770-754-3800
Chief Financial Officer