Nanochon, a Washington, DC-based orthopedic device company developing an implant for treating articular cartilage defects in the knee, has secured commitments to close an oversubscribed funding round, bringing its total capital raised to date to $11.3 million.
The round was led by cultivate(MD), with significant contributions from The University of Virginia UVA Seed Fund, WSGR, Wealthing VC Fund, and others. While the majority of funding came from a strong group of current investors, several new individuals and funds were welcomed onto the cap table.
Nanochon will commence a phase I trial in Canada in the coming weeks for its patented knee implant Chondrograft™ which will evaluate safety and efficacy in a prospective, 10 patient, early feasibility study for use in knee cartilage restoration in eligible patients between 22 and 60 years of age having femoral condyle and/or trochlea articular cartilage lesions who have failed conservative therapy, in addition to meeting other criteria.
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