PRESS RELEASES
CARTICEPT MEDICAL™ CLOSES $10 MILLION SERIES C
FINANCING ROUND
Investment to Support Commercialization of its
Navigator™ Delivery System
(Alpharetta, GA, January 18, 2012)--Carticept Medical, Inc., a developer
of innovative products for the treatment
of cartilage injuries
and osteoarthritis, today announced
that it has has completed a $10 million round of
financing, led
by existing investors Domain Associates, New Enterprise Associates
and SonoSite, Inc. The
financing will provide funding for the
commercial launch of the Company’s Navigator™ Delivery System (DS),
a
computer‐controlled drug delivery system that redefines
medication delivery by integrating ultrasound guidance
to
increase the efficiency, accuracy and safety of administering
medications for joint pain. Carticept received
FDA 510(k)
clearance to market the Navigator DS in September 2011, with the
full commercial launch slated for
Q1 2012. This latest round of
financing increases the venture capital investment in Carticept to a
combined total
of $53 million.
Arthritis is the leading
cause of disability in the United States with more than 46 million
Americans having
doctor‐diagnosed arthritis.1
Local injections of corticosteroids and anesthetic agents are
heavily relied on as
early, effective interventions for pain
relief. The current standard of practice, ‘blind injection,’ depends
on the
expertise of the clinician and the accuracy with which the
medications are injected into the affected joint space.
According
to a recent study published in The American Journal of Sports
Medicine, injection accuracy rates are
significantly higher when
imaging is used in conjunction with injection of the knee and
shoulder.
The Navigator DS automates the preparation and delivery of
injections using ultrasound to guide accurate
needle positioning.
The automated system helps to ensure accurate dose preparation,
while eliminating needle
exposure to healthcare workers and
minimizing the potential for contamination. After the injection is
delivered,
the system records the treatment data and
automatically creates a record for transfer to an electronic record
management system.
“The support of our existing investors validates the investment
community’s continued confidence in the vision
of the company and
the benefits of our product platform to improve the efficiency and
accuracy of injection
delivery,” said Timothy J. Patrick,
president and chief executive officer of Carticept. “With the
completion of this
financing, we are well positioned to launch
the Navigator DS in leading orthopaedic and sports medicine centers
across the United States.”
About Carticept Medical, Inc.
Based in Alpharetta, Ga., Carticept Medical, Inc. is a privately
held medical device company established in 2005
to develop and
market innovative solutions for patients with osteoarthritis or
cartilage damage. Major investors
include Domain Associates, New
Enterprise Associates and SonoSite, Inc. Additional information is
available on
the company’s website at
www.carticept.com.
Media Contacts:
Krystin Hayward/Rachel Gross
carticept@schwartzmsl.com
781-684-0770
1Arthritis: Meeting the
Challenge. Atlanta, GA: National Center for Chronic Disease
Prevention and
Health Promotion; 2009.
[http://www.cdc.gov/NCCDPHP/publications/aag/pdf/arthritis.pdf]
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