Medical Device Co ‘CartiHeal’ Raises $10M

CartiHeal, a privately held medical device company, announced it has raised up to $10 million, including $5 million in cash and $5 million in options. Half of the sum was raised from the holding company Elron, and the remainder from previous investors, Accelmed and Access Medical Ventures. According to the company, the proceeds will be used to accelerate the development of CartiHeal’s technology portfolio and support ongoing clinical studies. Founded in 2009, CartiHeal develops proprietary implants for the regeneration of cartilage and bone disorders following sports injuries, trauma or degenerative joint changes. lt is a spin-out of the Department of Biotechnology Engineering at Ben-Gurion University, Israel.