TEL AVIV, Israel--(EON: Enhanced Online News)--CartiHeal (2009) Ltd., a privately held medical device developer of an innovative, cell-free cartilage regeneration technology, announced that it received an additional $5 million funding in cash from its existing investors: Elron, Accelmed and Access Medical Ventures. The continued investment is testament to the investors growing satisfaction in the company’s progress. The proceeds will be used to expand ongoing post-marketing clinical studies of Cartiheal’s signature product Agili-C™ in Europe.
“We are extremely pleased with how development is moving ahead and how management has steered the company wisely on the right path”
Attesting to his continued confidence in the company and its flagship product, Dr. Uri Geiger, Managing Partner and cofounder of Acclemed said: “The trial results to date are remarkably positive and prove that the company is literally on the threshold of a true breakthrough. CartiHeal is one of our most promising portfolio companies and together with our partners we are committed to its long-term value creation.”
“We are extremely pleased with how development is moving ahead and how management has steered the company wisely on the right path,” added Dr. Zvika Slovin of Elron. “The initial clinical results reaffirm our confidence in this technology and CartiHeal management’s ability to advance the technology toward full-scale clinical use.”
According to Nir Altschuler, founder and CEO of CartiHeal, the company is rapidly advancing according to an ambitious roadmap. “Our initial long-term clinical results are very promising and reinforce our understanding that the unique composition and micro-architecture of the Agili-C™ implant induces regeneration of both true hyaline cartilage and its underlying subchondral bone, without the addition of cells, growth factors or other bioactive agents. This is a paradigm-shifting discovery that has the potential to change the way cartilage defects are treated worldwide.”
CartiHeal, a privately held medical device company headquartered in Israel, is a pioneer in the field of cartilage regeneration. CartiHeal's flagship Agili-C™ implant represents a significant medical breakthrough. Agili-C™ has shown to promote regeneration of true hyaline cartilage and its subchondral bone, simultaneously, without the use of cells, growth factors or other exogenous agents.
For more information, please visit www.cartiheal.com