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July 17, 2020

Bioventus makes equity investment in Israeli company CartiHeal

American orthobiologics company Bioventus has invested $15m in CartiHeal, an Israel-based developer of Agili-C implant for the treatment of joint surface lesions in traumatic and osteoarthritic joints.

American orthobiologics company Bioventus has invested $15m in CartiHeal, an Israel-based developer of Agili-C implant for the treatment of joint surface lesions in traumatic and osteoarthritic joints.

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As part of the financing round, the companies have agreed on an option structure, under which Bioventus will acquire CartiHeal if the company secures the Food and Drug Administration (FDA) approval for the Agili-C implant.

In 2018, Bioventus made an initial investment of $2.5m in the CartilHeal’s investigational device exemption (IDE) multinational pivotal study.

The additional $15m equity investment follows the recently completed enrolment and outcome of interim analysis in Agili-C IDE study.

The study aims to demonstrate the superiority of the Agili-C implant over the surgical standard of care for the treatment of cartilage or osteochondral defects.

Over 250 patients were enrolled in the study, which is taking place in the US, Europe and Israel.

CartiHeal intends to use the proceeds from its latest funding to complete all patient follow-up in the study and submit the first application for premarket approval (PMA) to the FDA.

An additional $5m can be secured by the company from Bioventus for IDE study completion if required.

Bioventus CEO Ken Reali said: “The successful enrolment and outcome at the interim analysis of CartiHeal’s pivotal study for Agili-C implant is an important milestone.

“It is a testament to the strength of its continuing development program, and more importantly, the future potential of the Agili-C technology in addressing the large unmet need in patients with joint surface lesions. This investment underscores our belief in the novel technology and we look forward to working with the team at CartiHeal in the years to come.”

CartiHeal founder and CEO Nir Altschuler said: “We are pleased Bioventus continues to see value in the Agili-C implant and is making a greater investment to support the completion of the IDE study.

“We look forward to the work ahead and a successful application for PMA approval.”

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Free Report
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What is driving M&A activity in the MedTech space?

The COVID-19 pandemic has left an indelible mark on the MedTech landscape. Changes in how healthcare is delivered, and new treatment modalities, are creating opportunities and challenges for both new and traditional players. As companies sought out opportunities during the pandemic-driven downturn, the number and value of mergers and acquisition deals in the MedTech space increased. Companies worked to reposition themselves in the newly aligned healthcare world, but with further economic turmoil expected: will these trends be repeated? And what tech areas should firms be looking to expand their capabilities into? GlobalData’s report, “Themes driving M&A activity in the Medical Devices Sector, Q1 2022,” draws upon GlobalData’s extensive MedTech deals databases, highlighting major trends and hot themes in M&A activity. This report will assist you in:
  • Understanding value and volume trends in M&A from Q1 2018 to Q1 2022
  • Understanding regional trends in M&A activity
  • Understanding which medical device sectors are leading M&A activity, and which are lagging
  • Understanding the leading tech trends in Q1 2022 M&A activity
  • Knowing the key deals that occurred during Q1 2022
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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