Miach Orthopaedics announces $40 million financing for US commercialization of ACL implant
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Miach Orthopaedics Inc. has announced the closing of a $40 million financing round to expand commercialization of the bridge-enhanced ACL restoration implant in the United States, according to a company press release.
Financing for expanded commercialization of the bridge-enhanced ACL restoration (BEAR) implant was provided by equity from the following investors: Sectoral Asset Management, Endeavour Vision, Amzak Health, Smith & Nephew, DSM Venturing and the NFL Players Association, according to the release.
“Since launching our BEAR implant in fall 2021, we’ve received tremendous interest from both surgeons and patients alike, who understand the benefits of healing a torn ACL rather than replacing it,” Patrick McBrayer, president and CEO of Miach Orthopaedics, said in the release. “More than 500 patients have been treated with the BEAR implant commercially. This additional investment will allow us to expand our presence nationwide and bring the benefits of ACL restoration to more patients with ACL tears,” McBrayer said.
“The Miach team has made significant progress in U.S. commercialization of the BEAR implant over the last year and is well-poised for rapid growth in the ACL repair market,” Joyce Erony, managing partner of Amzak Health and chair of the board of directors for Miach Orthopaedics, said in the release. “The ability to attract sizeable investment from leading venture capital firms and banks in a difficult fundraising environment is a testament to the Miach team and the potential of the BEAR implant to become the standard of care,” Erony added.
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