Cartilage Regeneration System Raises $18.3 Million
May 9, 2017
Globes — CartiHeal, developer of a cell-free, off-the-shelf cartilage and bone regeneration device created by Nir Altschuler at Ben-Gurion University, recently announced an $18.3 million financing round.
This marks another success for the company following a $15 million fundraising round last year.
CartiHeal is a spin off of research done at BGU’s Avram and Stella Goldstein-Goren Department of Biotechnology Engineering.
CartiHeal Chief Executive Officer Nir Altschuler founded the company in cooperation with BGU. The idea was commercialized by BG Negev Technologies Ltd., the University’s technology transfer company.
Cartiheal is preparing for a human clinical trial of Agili-C, its implant for regenerating damaged cartilage and bone. The trial could make it possible to submit for United States Food and Drug Administration approval. Trials will take place in the United States, Europe and Israel.
The company’s product is based on synthetic materials that biodegrade in the implantation site, and promote the repair of cartilage and subchondral bone. The material is implanted by injection; no surgery is needed.
“The treatment proposed by CartiHeal gives new hope to patients suffering daily from damaged cartilage and bone caused by trauma or degenerative changes,” says Dr. Yair Schindel, a managing partner at aMoon Partners, the investment capital firm leading this latest financing round.
“We are excited to be part of the development of a promising solution that is already showing impressive results in Israel and throughout the world.”