NEA invests $4.3M in Cartiva's joint replacement work

Cartiva, developer of a cartilage replacement implant for osteoarthritis patients, has pulled in $4.3 million in new financing. The Georgia company plans to use the money to finish clinical testing of its signature product and support a planned FDA PMA submission when the time comes. The implant is made of a cartilage-like polymer, and meant to be a more effective, less invasive alternative to a fusion procedure. Global VC firm New Enterprise Associates led the round, and NEA partner Justin Klein has now joined Cartiva's board of directors. Cartiva spun off of Carticept Medical in December 2011. Release