CartiHeal has raised up to US$10 million, including US$5 million in cash and US$5 million in options. Half of the sum was raised from new investor, Elron, and the remainder from previous investors, Accelmed and Access Medical Ventures. The financing will be used to accelerate the development of CartiHeal's technology portfolio, including its leading product, the Agili-C, as well as support ongoing clinical studies.
Agili-C is a single-step arthroscopically-placed implant, indicated for repairing cartilage and osteochondral defects. In both animal and human studies, the device has been shown to regenerate true hyaline cartilage - confirmed by the presence of Type II collagen - without the use of growth factors, stem cells or cell expansion techniques. These results have been backed by histological analysis performed by NAMSA, an independent research laboratory. The device is CE-marked and CartiHeal is currently conducting postapproval studies at centres in Europe.