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Bone Regeneration Co CartiHeal Raises $18.3M

The Israeli company’s product, which regenerates damaged cartilage and bone, already has CE marketing approval.

As reported in Globes:

The Israeli company, which is developing technology for regenerating damaged cartilege tissue and bone, today announced an $18.3 million financing round led by aMoon, with participation from previous CartiHeal investors Elron Electronic Industries Ltd. (the leading investor in CartiHeal), JJDC (the investment fund of Johnson & Johnson), and Peregrine Ventures. Previous investors in CartiHeal not participating in the current round include Accelmed (controlled by Uri Geiger and Mori Arkin) and Access Medical Ventures, led by Limor Sandach, Dvir Keren, and Dr. Michael Tal.

The company’s product is based on synthetic materials, one of which is called aragonite. The other is a compound of aragonite with hyaluronic acid. The implant biodegrades in the implantation site, and promotes the repair of the cartilage and subchondral bone. The material is implanted by injection; no surgery is needed. After some time, the cells break down the implant, which is absorbed. CartiHeal says that the main advantage of its product is its ability to regenerate cartilage, so that the cartilage does not contain scar tissue. The market for treatment of damaged cartilage is estimated at $2 billion.

CartiHeal is preparing for a human clinical trial of Agili-C, its implant for regenerating damaged cartilage and bone. The company believes that its trial will make it possible to submit its product to the US Food and Drug Administration (FDA) for approval. The trial will take place in the US, Europe, and Israel. CartiHeal has already attained CE marketing approval for Agili-C, but no marketing has actually begun.

CartiHeal’s regenerative solution offers an exciting opportunity for Australians suffering from bone or cartilege damage due to trauma or degenerative causes, especially elderly Australians who may be more at risk.