We've been hearing for a while now (and at BIO here in Boston) that venture funding for life sciences startups remains a struggle. But Biomimedica is the latest company to buck that trend. The South San Francisco company is heading toward the finish line in its push to raise $14.2 million in new financing, according to a regulatory filing.
As some investors told me during the conference this week, device startups are still drawing funding if they can offer something new that truly improves clinical care, provide great clinical data and if the product's developmental and regulatory costs aren't too overwhelming.
Perhaps that's the case with Biomimedica, which launched in 2007, according to MedCity News. So far, the company has raised $11.9 million from 10 different investors, including Emergent Medical Partners and Life Sciences Angels, according to the story. Biomimedica's technology spins out of Stanford University.
And the company's area of focus has a true need for new products. With a focus on osteoarthritis, Biomimedica is developing synthetic cartilage to be used for joint repairs. Patients are envisioned to use the product with an earlier intervention. Over time, osteoarthritis can lead to lesions and painful bone spurs.