The Stanford spinout has collected series A funding from investors including Johnson & Johnson and Osage University Partners.
Hyalex Orthopaedics, a US-based medical device spinout of Stanford University, raised $16m in series A capital on Wednesday from backers including pharmaceutical firm Johnson & Johnson.
The corporate, which invested through its investment unit Johnson & Johnson Innovation – JJDC, was joined by Canaan Partners, which led the round, and spinout-focused investment firm Osage University Partners.
Hyalex is commercialising synthetic biomaterial that mimics the structure and function of the hyaline cartilage, which lines articulating joints such as the shoulder, knee and ankle. The spinout hopes to use the technology to replace arthritic cartilage while sparing healthy bone.
Renee Ryan, vice-president of venture investments at JJDC, and Bill Harrington, managing partner of Osage University Partners, will join Hyalex’s board of directors.
Concurrently, Mira Sahney has been appointed president and chief executive of Hyalex Orthopaedics. She said: “The Hyalex polymer has the potential to replace damaged cartilage in joints, creating the opportunity for a less invasive, more anatomic solution in disease states such as osteoarthritis or cartilage injuries.
“We are seeking to use this technology to improve standard of care for the approximate three million joint replacement procedures annually worldwide, particularly for younger patients who seek long active lives following their surgeries.”
