Georgia based Artelon, Inc., has closed on a $20 million Series B round of funding which will be used to expand the commercial applications of its novel treatment for joint instability and soft tissue reconstruction based on the company’s platform technology, Dynamic Matrix™.
Artelon’s Dynamic Matrix technology is a proprietary polymeric bio-textile for musculoskeletal soft tissue reconstruction. Dynamic Matrix is designed to mimic the natural mechanical and biological properties of healing ligament tissue. It has been shown in clinical studies to protect the surgical repair during early healing while also restoring the mechanics of motion and supporting regenerating tissue before dissolving over five to six years.
Ankle instability is one of the principal markets that Artelon is targeting. “Ankle sprains are the number one reason for emergency room visits in the United States, and up to 20 percent of those patients will develop chronic instability after these injuries,” explained Artelon CEO Aaron Smith. “While traditional surgical procedures can mitigate ankle instability, patients endure a long recovery period and can still have residual pain or instability over the long term.”
Artelon, founded in 2014 by orthopedic surgeon Lars Peterson, M.D., Ph.D., known as “the father of autologous chondrocyte implantation,” embodies more than 30-years’ experience developing novel solutions for soft tissue repair. The company’s Dynamic Matrix technology has been used in more than 60,000 implantations worldwide.
Headquartered in Marietta, Georgia, Artelon’s mission is to improve joint stability and kinematics through novel soft tissue reconstructive products and procedures. Its CEO, Aaron Smith, joined the firm six years ago and was previously general manager and co-founder of Amniox Medical. Before that he was senior director, extremities for Wright Medical. Before Wright Medical he worked at Spinal Concepts, Xomed Surgical Products and AcroMed. He is a biomedical engineer by training and attended the Case Western Reserve University.
Artelon’s current products include Flexband® SOLO and Flexband MULTI products for reinforcing soft tissue in general surgery—but are most commonly used in foot and ankle, knee or upper extremity cases. The Flexband family of products are used in cases where soft tissue is repaired by suture or suture anchors, or during tendon repair surgery including reinforcement of rotator cuff, patellar, Achilles, biceps, or quadriceps tendons.
Vensana Capital
The investor making this $20 million commitment to Artelon is Vensana Capital, a four-year old venture capital and growth equity firm with about $550 million in capital. Vensana invests in development and commercial stage medical devices, diagnostics, data science, digital health, and tech-enabled service companies.
Kirk Nielsen, one of Vensana’s principals, said, “Vensana is excited to join the Artelon team and to support their efforts to establish themselves as a technology and market leader.”
Greg Banker another of Vensana Capital’s principals added, “Artelon is focused on bringing value to patients and healthcare providers through a platform that enhances soft tissue repair while restoring stability and motion.”
Finally, this infusion of capital, explained CEO Smith to OTW, allows Artelon to take on adjacent clinical indications and pursue leadership within the $2 billion U.S. ankle instability market, “while expanding our efforts to address latent customer needs in other unstable joints.”
For more information, here are some useful links: Artelon.com and SprainedAnkle.com.
