Moximed closes $33 million financing round
Hayward, California - Moximed®, Inc., developer of the KineSpring® System, a joint unloading knee implant for pre-arthroplasty patients who hope to lead an active lifestyle, announced a round of financing of approximately $33 million that includes new investor Vertex Venture Holdings Ltd. (Vertex) and returning investors New Enterprise Associates, Gilde Healthcare Partners, Morgenthaler Ventures, and GBS Venture Partners.
The KineSpring System is an innovative treatment option for pre-arthroplasty patients with mild to moderate knee osteoarthritis that find conservative therapy, such as pain medication and knee braces, unsuccessful but who are not ready for full joint-altering knee surgery. The KineSpring System is implanted in the subcutaneous tissue alongside the joint to cushion the knee from excessive loading. Importantly, the KineSpring System is completely joint-sparing so future treatment options are maintained.
The KineSpring System, which is CE marked and available in major European markets, has been implanted in over 1,000 cases worldwide. It is investigational in the US.
“We are excited to add Vertex as a new investor, and we gratefully appreciate the continued support of our previous investors. The new capital will support the company’s efforts to gain FDA approval of the KineSpring System and grow commercial sales in Europe,” stated CEO Kevin Sidow. “We continue to be encouraged by the relief brought to patients worldwide by the KineSpring System and by the strong interest in a joint preserving treatment that allows patients to maintain the lifestyle they expect and deserve.”
Moximed, Inc. is dedicated to improving the standard of care for patients with osteoarthritis (OA). OA, the most common form of arthritis, leads to a breakdown of the joint’s cartilage and often results in joint pain and loss of motion. OA commonly affects the knees, hips, hands, or back. Moximed is initially focused on developing minimally invasive, joint preserving solutions for patients with knee osteoarthritis. Moximed is supported by world-leading venture investors including New Enterprise Associates (NEA), Vertex Venture Holdings Ltd., Gilde Healthcare Partners, Morgenthaler Ventures, and GBS Venture Partners. More information can be found at www.moximed.com.
About Gilde Healthcare
Gilde Healthcare (Utrecht, The Netherlands and Cambridge, Massachusetts, United States) is a private equity investor focused on fast growing healthcare businesses. It manages €550 million across two business lines. The Gilde Healthcare Technology funds target companies developing medicines, medical devices and home & digital health solutions in Europe and the US. The Gilde Healthcare Services funds focus on healthcare service providers, such as specialist clinics, elderly care, primary care, mental health, outsourcing services, medical product suppliers and other healthcare service providers in the Benelux and Germany.