Moximed, a Fremont, CA-based medical device company focused on improving care for knee osteoarthritis (OA) patients, has closed a $61 million Series D financing round, with the option to secure an additional $30 million.
The funding round was led by Elevage Medical Technologies, a platform of Patient Square Capital, and included new investors Cormorant Asset Management and Warren Point Capital. Existing investors, such as New Enterprise Associates (NEA), Future Fund, Advent Life Sciences, Gilde Healthcare, Vertex Ventures HC, GBS Venture Partners, and Morgenthaler Ventures, also participated.
Moximed plans to use the funds to accelerate the U.S. commercialization of its MISHA® Knee System, an implantable shock absorber (ISA) designed to treat knee osteoarthritis. The MISHA Knee System, developed to reduce weight load on diseased joints, is intended to help patients with mild-to-moderate OA maintain their active lifestyles by alleviating pain, improving function, and potentially delaying the need for total knee replacement.
Chris Gleason, President and CEO of Moximed, highlighted the MISHA Knee System as a breakthrough in knee OA treatment. The system, implanted during an outpatient procedure, has shown promise in preserving knee joints and enhancing patients’ quality of life.
As part of the financing, Michael Wasserman, Ph.D., of Elevage Medical, will join Moximed’s Board of Directors. Dr. Wasserman brings extensive experience from his previous roles, including Managing Partner at Maverix Private Equity and board positions at various growth-stage medical companies.
