On August 13, in Fremont, California, Moximed, an innovative medical device company dedicated to improving care for patients with knee osteoarthritis (OA), announced the completion of a $61 million Series D preferred stock financing, with the option to secure up to an additional $30 million in funding. This round of financing was led byUnder Patient Square CapitalElevage Medical Technologies led the round, with new investors Cormorant Asset Management and Warren Point Capital joining, alongside existing investors New Enterprise Associates (NEA), Future Fund, Advent Life Sciences, Gilde Healthcare, Vertex Ventures HC, GBS Venture Partners, and Morgenthaler Ventures.
The proceeds from the financing will be used to accelerate the commercialization of Moximed's MISHA® Knee System in the United States, which is the world's first implantable shock absorber (ISA) for knee osteoarthritis (OA). OA is a common debilitating disease that affects the lives of more than 32 million adults in the United States and is expected to impact 70 million Americans by 2040.
In 2008, Moximed recognized an opportunity that others had missed. Many had previously highlighted the importance of load management as a tool for treating knee OA, but ultimately, Moximed developed a clear vision for designing an implantable shock absorber, refining and demonstrating its unique clinical value through the tenacious perseverance and steadfast support of surgeons. The value of a new medical product is proven through positive patient outcomes, and in 2014, Moximed launched the ISA platform featuring a polymer-based shock absorber design. The MISHA Knee System and surgical technique incorporate knowledge and insights gained only through experience, representing the highest level of technology Moximed has ever developed.
Moximed leverages the clinically proven benefits of offloading diseased joints to design and develop the MISHA Knee System, which is dedicated to helping patients with mild to moderate OA protect their knee joints while enjoying an active lifestyle. The MISHA Knee System, implanted during outpatient surgery, has been shown to relieve pain, improve function, and delay the need for total knee replacement in some patients.Chris Gleason, President and CEO of Moximed, stated:"This financing is a validation of the significant market opportunity for the MISHA Knee System. We are seeing tremendous interest from surgeons and patients alike, and we are excited to rapidly expand our commercial infrastructure to meet the evolving needs of patients in this growing market."Dr. Michael Wasserman of Elevage Medical will join the board of Moximed. Before joining Elevage, Dr. Wasserman served as Managing Partner at Maverix Private Equity and spent 17 years at H.I.G. Capital. Dr. Wasserman has served on the boards of several development-stage companies, including HyperBranch Medical Technologies (Stryker), NeuWave Medical (Johnson & Johnson), and VertiFlex (Boston Scientific).Wasserman stated:"Elevage is delighted to partner with Moximed as it continues to build commercial momentum. The scale of Moximed’s market opportunity, product differentiation, and clinical value proposition are all highly compelling attributes. We are thrilled that our investment will help driveMoximedSignificant expansion of operations and a positive impact on the lives of countless patients."Moximed Chief Financial and Strategy Officer James Leech said:"A medical device financing of this scale is a strong vote of confidence in this highly competitive financing environment. Our unique market opportunity, technology, and high-quality team have enabled us to attract blue-chip investors in this significant financing round. We look forward to leveraging these proceeds to expand patient and surgeon access to our groundbreaking technology."Josh Makower, M.D., Co-founder and Chairman of the Board of Moximed, Inc., said:"I forMoximedThe team is very proud to take the next step, as they have provided a highly impactful product that meets significant clinical needs for a large number of people. The MISHA Knee System has the potential to help millions of patients with medial knee osteoarthritis who are not yet ready for joint replacement.Follow the official account below to see the world!
