WESTBOROUGH, Mass.– Miach Orthopaedics, Inc., a company transforming the treatment of anterior cruciate ligament (ACL) tears from reconstruction to restoration with the Bridge-Enhanced ACL Restoration (BEAR®) Implant, today announced closing of a $40 million financing round. The funds will enable ongoing operations and expand the U.S. commercial rollout of the BEAR Implant.
The financing includes $30 million in Series B equity from lead investors Sectoral Asset Management and Endeavour Vision, as well as existing investors including Amzak Health, Smith+Nephew, DSM Venturing and the NFL Players Association. In addition, the company has signed a $10 million venture debt term sheet with Silicon Valley Bank with the intent to close the loan shortly following the Series B closing. Sectoral and Endeavour will each be represented on the Miach board of directors.
“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,” said Patrick McBrayer, president and CEO, Miach Orthopaedics. “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.”
The BEAR Implant serves as a bridge to restore the patient’s own ACL and is the first medical technology that has been clinically proven to enable healing of a torn ACL. It is a paradigm shift from the current standard of care – reconstruction that replaces the ACL with a graft.
“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,” said Joyce Erony, managing partner, Amzak Health, and chair of Miach’s board of directors. “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.”