Memphis, TN-based Active Implants has raised $10 million from unnamed current investors in its third round of financing. The money will be used to continue a clinical trial of its continue the NUsurface device. The company has raised $25 million to date, according to Globes.
Active Implants also announced a management change. Board member Henry Klyce is slated to take over the role of CEO, replacing Michael Mainelli.
Active Implants has two offerings: TriboFit Buffer hip implant and the NUsurface meniscus implant. TriboFit has been implanted in more than 1,000 patients in the EU, while NUsurface still needs to undergo a clinical trial to demonstrate its safety and effectiveness. The NUsurface implant is designed to relieve knee pain and restore function. Active Implants anticipates enrolling 100 patients and obtain two-year follow up data. Thirty-five patients have already been enrolled.
Neither product is available in the U.S., but they do have the CE Mark. In fact, Active Implants is looking to generate sales and cash flow in Europe before seeking a regulatory sign off in the U.S., according to Globes.
- read the Active Implant release
- check out more from Globes