Miach Orthopaedics Raises $20 Million in Series B Extension
The Major League Soccer Players Association (MLSPA), SV Health Investors and Aperture Venture Partners Join Existing Investors to Support Commercial Expansion and Clinical Activities for BEAR® Implant
WESTBOROUGH, Mass.--(BUSINESS WIRE)--Miach Orthopaedics, Inc., a company transforming the treatment of anterior cruciate ligament (ACL) tears from reconstruction to restoration with the Bridge-Enhanced ACL Restoration (BEAR®) Implant, today announced closing of a $20 million Series B extension financing round. The funds will support commercial expansion and clinical activities for the BEAR Implant, which has been used to treat nearly 3,000 patients with anterior cruciate ligament (ACL) tears.
“This financing will enable continued growth of our commercial organization in the U.S., as well as support clinical initiatives like the Bridge Registry to provide important data on real-world patient outcomes”
The BEAR Implant is the first disruptive technology in ACL tear treatment in more than 30 years. The implant enables a torn ACL to heal and restores the natural function of the knee. It is a paradigm shift from the current standard of care – reconstruction that replaces the ACL with a graft.
The Major League Soccer Players Association (MLSPA), SV Health Investors and Aperture Venture Partners join existing investors Amzak Health, Smith+Nephew, DSM Venturing, Sectoral Asset Management, Endeavour Vision and the NFL Players Association (NFLPA) in the extension round. SV Health Investors will be represented on the Miach board of directors.
“This financing will enable continued growth of our commercial organization in the U.S., as well as support clinical initiatives like the Bridge Registry to provide important data on real-world patient outcomes,” said Patrick McBrayer, president and CEO, Miach Orthopaedics. “We are excited to welcome the MLSPA, whose investment demonstrates the potential of the BEAR Implant to be a game changer for professional athletes, as well as SV Health Investors and Aperture Venture Partners.”
With approximately 400,000 ACL injuries occurring in the U.S., ACL tears are the most common sports-related injury and often occur in those that involve sudden stops and changes in direction, such as soccer, skiing, basketball and football. There has been strong interest in the BEAR Implant from athletes of all skill levels, including youth who play on school and club teams, collegiate athletes and weekend warriors.
“Miach’s ability to continue to attract significant investment is a testament to the management team’s leadership in driving rapid adoption of the BEAR Implant across the U.S.,” said Joyce Erony, managing partner, Amzak Health, and chair of Miach’s board of directors. “This Series B extension diversifies Miach’s investor group and provides additional resources to further market growth in the U.S. toward the goal of establishing the BEAR Implant as a new standard of care for ACL tears.”
For more information about the BEAR Implant, visit miachortho.com.
About The BEAR Implant
The Bridge-Enhanced ACL Restoration (BEAR®) Implant is a proprietary bio-engineered implant used to facilitate healing of the torn ACL. The BEAR Implant is the first medical technology to demonstrate, with Level 1 clinical evidence, that it enables the body to heal its own torn ACL. Unlike reconstruction, which is the current standard of care, the BEAR Implant does not require a second surgical wound site to remove a healthy tendon from another part of the leg or the use of a donor tendon. The BEAR Implant acts as a bridge to help ends of the torn ACL heal together. The surgeon injects a small amount of the patient’s own blood into the implant and attaches it between the torn ends of the ACL in a minimally invasive procedure. The combination of the BEAR Implant and the patient’s blood enables the body to heal the torn ends of the ACL back together while maintaining the ACL’s original attachments to the femur and tibia. As the ACL heals, the BEAR Implant is resorbed by the body.
The BEAR Implant was granted De Novo Approval from the U.S. Food and Drug Administration in December 2020. It is indicated for skeletally mature patients at least 14 years of age with a complete rupture of the ACL as confirmed by MRI. Patients must have an ACL stump attached to the tibia to facilitate the restoration. Visit miachortho.com for complete product information, including Instructions for Use.
About SV Health Investors
SV Health Investors (“SVHI”) is a private investment firm dedicated to investments in the healthcare and life sciences sectors. Founded in 1993 with offices in Boston and London, SVHI manages over $2.1B across multiple investment strategies. SVHI’s dedicated healthcare growth fund seeks to partner with experienced management teams to accelerate the success of innovative healthcare companies in tech-enabled healthcare services, medical products and digital health sectors. For more information, please visit www.svhealthinvestors.com.
About Miach Orthopaedics, Inc.
Miach Orthopaedics, Inc., is a privately held company located in Westborough, Massachusetts, dedicated to developing bio-engineered surgical implants for connective tissue restoration. The company’s initial focus is the BEAR® Implant, which represents a paradigm shift in the treatment of ACL tears from reconstruction to restoration. For more information on Miach Orthopaedics and its products, visit www.miachortho.com and follow the company on Facebook, Instagram and LinkedIn.
Contacts
Joni Ramirez
Merryman Communications
joni@merrymancommunications.com
323-532-0746
