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.
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.”
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