Miach Orthopaedics, Inc. has closed a successful $20 million Series B extension financing round.
The financing will be used to continue to support and expand commercialization and clinical activities for its Bridge-Enhanced ACL Restoration (BEAR®) Implant.
OTW spoke with Miach Orthopaedics President and CEO Patrick McBrayer about the financing. McBrayer told OTW, “We are at an exciting time in the growth of Miach Orthopaedics, having recently closed on a record first quarter in terms of number of patients treated. This financing will enable us to further commercialization for the BEAR Implant while continuing to expand the extensive base of clinical evidence through our Bridge Registry real-world study.”
New investors joined this round including the Major League Soccer Players Association, SV Health Investors, and Aperture Venture Partners. Concurrent with the funding is the announcement that SV Health Investors will now be represented on the Miach Orthopaedics BOD. Existing investors include the following: Amzak Health, Smith & Nephew, DSM Venturing, Sectoral Asset Management, Endeavour Vision, and the NFL Players Association.
McBrayer added, “The BEAR Implant has been embraced by athletes of all skill levels and ages to restore the natural function of their knee following an ACL [anterior cruciate ligament] injury. We are excited to welcome the Major League Soccer Players Association to our esteemed roster of investors, which also includes the National Football League Players Association. We believe investment by these leading organizations is indicative of the impact that ACL tears have on professional soccer and football players, and the potential for their ACL tears to be treated more naturally with the BEAR Implant.”
The BEAR implant differs from current ACL tear treatments. Instead of replacing the ACL with another tendon, the BEAR implant, per the press release, utilizes the body’s own blood to enable the body to “heal its own torn ACL.” Nearly 3,000 ACL patients suffering from tears have already been treated with the BEAR Implant.
For OTW’s coverage of the initial Series B, see “Miach Orthopaedics Raises $40M.”
