Apr 15 2010
Articulinx, Inc., a medical device company developing a novel minimally-invasive approach for the treatment of osteoarthritis, announced today the closing of a $10M Series B financing led by US Venture Partners (USVP). Existing investor De Novo Ventures completed the round. Funds will be used to continue development of the Articulinx spacer technology, and to fund ongoing operations.
“Today's announcement is an important validation of the Articulinx technology”
"Today's announcement is an important validation of the Articulinx technology," said Michael Orth, President and CEO. "We are very pleased to have two such experienced investors partnering with us to develop and commercialize devices for the treatment of osteoarthritis, the most common joint disease worldwide."
The Company's first product, the Articulinx CMC Spacer, is implanted through a small incision under local anesthesia. The device acts as a spacer to separate bones in joints where the articular cartilage has degenerated.
"Articulinx has made significant progress in a very capital efficient manner which is critical in this financing environment," said Dr. Jonathan Root, General Partner at USVP. "We are pleased to have the opportunity to invest in Articulinx as we work to address a very large and underserved market."
Osteoarthritis can involve multiple joints in the body causing pain, limited range of motion, and disability and is currently incurable. Occurring most commonly in the hand, it can severely impact many aspects of daily living.
Source: U.S. Venture Partners
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