Moximed maximises $50m series C

The oversubscribed round has been backed by Vertex Healthcare, a fund owned by Vertex Ventures, and Australia’s Future Fund.

US-based medical device manufacturer Moximed yesterday raised $50m in an oversubscribed series C round from investors including the Future Fund, the sovereign wealth fund of Australia.

Vertex Ventures, a VC subsidiary of Singapore state-owned investment vehicle Temasek, also contributed to the round through its Vertex Healthcare fund.

Advent Life Sciences, New Enterprise Associates (NEA), Morgenthaler Ventures, Gilde Healthcare and GBS Venture Partners also took part in the round.

Founded in 2006, Moximed is developing shock-absorbing knee implants that do not require bone cutting or removal.

Shahzad Malik, general Partner at Advent, and Brigitte Smith, managing director at GBS, will join Moximed’s board of directors.

Moximed previously raised a total of $105m in funding, including a $33m series B round in 2015 backed by Vertex, NEA, Morgenthaler, Gilde and GBS.

Kevin Sidow, chief executive of Moximed, said: “This financing round is timely, as we are completing the primary endpoint follow-up for our FDA pivotal study this month.

“We expect this investment to fully fund the company through FDA approval and early US commercialization of our products. There is a massive demand for new treatment options by patients who want to maintain an active lifestyle until they are ready for a knee replacement.

“The tremendous patient interest and surgeon enthusiasm we are witnessing in our current Atlas IDE study is validating our effort to address this clinical need.”  

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