Cartiva Completes Series D Funding, Adds to Board

Alpharetta Ga.-based Cartiva Inc., which makes products for the treatment of cartilage injuries and osteoarthritis, has secured $8.5 million in a series D financing round led by New Enterprise Associates (NEA) and with participation by new investor Windham Ventures Partners.

Proceeds from the financing are expected to fund the company through U.S. Food and Drug Administration (FDA) premarket approval (PMA) of its Cartiva synthetic cartilage implant following the company’s previously announced submission of the PMA application to FDA last month. The proceeds will also support the post-510(k) clearance clinical evaluations of the company’s Proxifuse hammertoe correction system and its Grip study evaluating the Cartiva SCI, an organic polymer-based biomaterial, in the treatment of osteoarthritis at the base of the thumb.

“We are grateful for the continued support of NEA, one of the premier venture capitals firm in the world, and welcome the addition of Windham Venture Partners, which builds on the strength of our investors,” said Tim Patrick, president and CEO of Cartiva. “Our ability to raise capital from such quality investors is a testament to the significant progress we have made in establishing the clinical benefits of our synthetic cartilage treatment. The results from our Motion study were accepted for presentation at the July Annual Meeting of the American Orthopaedic Foot and Ankle Society. We are excited to share the results of this large, randomized clinical study to Foot and Ankle surgeons this summer in Long Beach.”

The company has expanded its board, adding Eric A. Stookey earlier this year. Stookey is chief operating officer of OsteoRemedies LLC, a company with the first FDA-cleared modular system for two-stage revision of infected hip and knee total joints. Prior to joining Osteoremedies earlier this year, Stookey had a nearly 20-year career at Wright Medical Group Inc., most recently serving as president of the Extremities & Biologics division. Stookey, who earned his MBA from Christian Brothers University and his bachelor of science degree in business from Indiana University, currently serves on the board of Amedica Corporation, a biomaterial company focused on silicon nitride ceramics.

“We are delighted to have Eric join the Cartiva board of directors,” said Patrick. “With deep knowledge and years of experience in sales channel development, strategic planning and launching new and innovative orthopedic medical devices, his appointment strengthens the executive leadership team and adds significant operational and commercial expertise.”