Moximed has landed $91m in Series D funding to drive the commercialisation of its MISHA Knee System, an implantable shock absorber for knee osteoarthritis.
The funding round, led by capital platform Elevage Medical Technologies, closed on $61m of Series D preferred stock financing, with an option to close up to an additional $30m.
Winning US Food and Drug Administration (FDA) clearance in April 2023, MISHA is an implantable shock absorber intended for the treatment of people with medial knee osteoarthritis who continue to experience pain despite undergoing previous treatments.
Knee osteoarthritis occurs when the cartilage on the inner side of the knee deteriorates, causing pain and stiffness. Patients may hesitate to undergo knee replacement surgery, due to fears of surgical risks, lengthy recovery, and a preference for non-surgical treatments.
Moximed’s MISHA system is a non-surgical, minimally invasive treatment where a small implant is placed in the knee joint to offload pressure from the damaged cartilage and reduce pain. The system works by providing targeted support and cushioning the affected area, alleviating symptoms, and improving mobility.
In 2022, US-based Moximed shared positive data from the Calypso prospective study, which assessed the effectiveness and safety of the system against high tibial osteotomy (HTO). In the 81-participant study, the MISHA Knee System showed the superiority of its primary endpoint, demonstrating reduced pain scores and improved function scores for participants.
Moximed’s president and CEO Chris Gleason said: “This financing is validation of the significant market opportunity for the MISHA Knee System. We are seeing tremendous interest from surgeons and patients, and we are excited to rapidly expand our commercial infrastructure to address evolving patient needs in this growing market.”
Total knee replacement is an end-stage treatment for patients with knee osteoarthritis. However, there are other companies in the space that offer alternative treatment options. Motive Health’s wearable Motive knee muscle stimulation device launched last year, which eases symptoms by delivering electrical stimulation to the knee directly.
