Memphis-based Active Implants, with its R&D center in Netanya where half the company’s work force is employed, has announced closing the first tranche of $8.7 million in new funding of a total commitment of $26 million. The new round of financing was led by Dallas-based View Capital RIA, L.P. and Memphis-based River Street Management. The company has raised $35 million to date, mainly from US investors. Proceeds will be used to fund completion of a Multi-Center Trial on the NUsurface Meniscus Implant, which is currently enrolling patients in Europe and Israel, and initiate a randomized clinical trial to support application for US regulatory approval. Active Implants was founded in 2004 by Amiram Steinberg, who previously founded Implant Ltd. (formerly DIScure) and Limber Ltd., and Steven Bradshaw, a Memphis medical devices executive. The company has developed cushion bearing orthopedics with its NUsurface Meniscus Implant.
“The NUsurface Meniscus Implant is a novel, composite polymer implant which is used to treat knee patients who have pain and disability arising from osteoarthritis caused by a previous meniscectomy, meniscus dysfunction or insufficiency. The NUsurface Meniscus Implant was designed to meet the needs of patients too old for meniscus repair and too young for a total knee replacement,” said Dr. Elliott Hershman, Chairman of the Department of Orthopaedics at Lenox Hill Hospital in New York.