DSM Venturing and Strategic Health Investment Partners extended the Stanford cartilage replacement spinout's series A round, augmenting a $16m first close featuring Johnson & Johnson and Osage University Partners.
Hyalex Orthopaedics, a US-based cartilage replacement material spinout of Stanford University, increased its series A round from $16m to $33m yesterday.
The additional funding came from investors including DSM Venturing, the open innovation arm of health, nutrition and material product supplier DSM, and medical device-focused venture capital firm Strategic Health Investment Partners.
The new funding followed an initial $16m series A tranche in June 2017 led by VC firm Canaan Partners and backed by Johnson & Johnson Innovation – JJDC, the innovation and corporate venturing arm of medical group Johnson & Johnson, and spinout-focused investment firm Osage University Partners.
Founded in 2016, Hyalex is working on a synthetic biomaterial that emulates the structure and function of the hyaline cartilage, which lines articulating joints such as the shoulder, knee and ankle.
The approach could potentially mean arthritic cartilage could be replaced while sparing healthy bone, in…
