Moximed Secures $61M in Series D Financing

Moximed has closed a $61 million round of Series D preferred stock financing, with the option to close up to a further $30 million.
 
The round was led by Elevage Medical Technologies, a Patient Square Capital platform, with participation from new investors Cormorant Asset Management and Warren Point Capital and existing investors New Enterprise Associates (NEA), Future Fund, Advent Life Sciences, Gilde Healthcare, Vertex Ventures HC, GBS Venture Partners, and Morgenthaler Ventures.
 
Moximed said the funds will be used to speed commercial activities for its MISHA knee system, which is touted as the world’s first implantable shock absorber (ISA) for knee osteoarthritis. MISHA earned U.S. Food and Drug Administration (FDA) approval in April 2023.
 
As part of the financing, Michael Wasserman, Ph.D. of Elevage Medical will join Moximed’s Board of Directors.
 
“Elevage is thrilled to partner with Moximed as it continues to generate commercial momentum,” said Wasserman. “The size of Moximed’s market opportunity, the product differentiation, and its clinical value proposition are highly compelling attributes. We are pleased that our investment will help fuel significant expansion of the Moximed business and positively impact the lives of countless patients.”
 
Implanted during an outpatient surgery, the MISHA knee system has been demonstrated to alleviate pain, improve function, and delay the need for total knee replacement in some patients.
 
“A medical device financing of this magnitude is a strong vote of confidence in this competitive funding environment,” said James Leech, chief financial and strategy officer of Moximed. “Our unique market opportunity, technology, and high caliber team enabled us to attract blue-chip investors in this important financing. We look forward to using these proceeds to expand patient and surgeon access to our breakthrough technology.”
 
The company appointed former Relievant Medsystems VP Christopher Gleason as its new chief executive in June.