Orthonika Limited, a spin-out from Imperial College London, is pleased to announce success in securing funding for development of its novel synthetic total knee meniscus replacement. The company has closed a second round of investment of £675,000 from a group of angel investors alongside a Biomedical Catalyst award and an Industrial Challenge award. The funding is being used to accelerate progress on biomechanical testing and carry out a pre-clinical pilot trial.
Dr Mario Alberto Accardi, Co-Founder and Chief Executive Officer, commented “We are delighted to have raised the funds to bring this revolutionary treatment for meniscus injury into a pre-clinical pilot trial. We are very grateful to our angel investors and Innovate UK for their support.”
Dominique Kleyn, Co-Founder and Chief Operating Officer, added “This investment demonstrates a strong endorsement of our progress in developing a novel solution for meniscus injury and allows us to cement our network of collaborators and suppliers.”
Orthonika brings design and development expertise to exploit a novel approach for the replacement of a damaged meniscus, restoring knee biomechanics and allowing patients to return to an active lifestyle. The goal is to advance the meniscus replacement into a product and obtain regulatory approval for its clinical application.