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Moximed raises $40 million for knee osteoarthritis shock absorber



Medical device company Moximed has announced $40 million in Series C equity and debt financing.

Proceeds from the round will be used to gain regulatory approval and establish commercial structure for the MISHA Knee System – the world’s first implantable shock absorber (ISA) for the knee.

The round was led by Advent Life Sciences alongside returning investors New Enterprise Associates (NEA), Future Fund, Vertex Healthcare, Gilde Healthcare, GBS Venture Partners and Morgenthaler Ventures, with debt financing provided by Runway Growth Capital.

The MUSHA Knee system has been designed to reduce weight load on diseased joints in patients with mild to moderate osteoarthritis.

The device is implanted during and outpatient procedure and has been shown to alleviate pain, improve function and potentially delay the need for total knee replacement in some patients.

Anil Ranawat, M.D., Chief, Hip and Knee Division of Sports Medicine Institute, Hospital for Special Surgery in New York, said:

“Once non-surgical care is exhausted, patients suffering from knee OA become very frustrated with the lack of options to address their continued pain and disability. As their surgeon, I share their frustration.

“When, despite our best medical management efforts, my patients are faced with enduring chronic pain or submitting to early joint replacement, I’m left offering them options that they really don’t want.

Osteoarthritis (OA) is a common, debilitating condition, affecting more than 32 million people in the US alone.

Knee OA develops when knee cartilage and meniscus no longer cushion the joint, leading to chronic pain and activity limitation.

Many people with mild to moderate OA are otherwise healthy and lead full, active lives.

For these patients, the end-stage treatment of a total knee replacement is a reluctant option.

Solutions like the MUSHA Knee System may instead preserve their knee, activity level and quality of live.

Moximed CEO, Anton Clifford, Ph.D., said:

“We’ve listened carefully to patients, and their surgeons, and we’re excited to develop a solution that meets their needs.

“Patients deserve treatment options that allow them to live life to their fullest abilities, whether it’s caring for a loved one, returning to a favourite sport or simply getting through their working day.

“Results from our pivotal study show the MISHA Knee System not only alleviates pain and OA-induced activity limitations, but also offers complete preservation of the knee, an outpatient procedure, and early weight bearing.

“These are all strong preferences expressed by our patient population.”

Shahzad Malik, M.D., General Partner, Advent Life Sciences, said:

“Working people who have knee OA have been waiting for a solution that falls between conservative care and eventual joint replacement.

“Moximed has the potential to fill this gap in knee OA treatment with the MISHA Knee System and we are excited to further support Moximed’s efforts to alter the treatment paradigm for millions of Americans.”

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