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 $20 million Series B extension financing round. The funds will support commercial expansion and clinical activities for the BEAR Implant, which has been used to treat nearly 3,000 patients with anterior cruciate ligament (ACL) tears.
The BEAR Implant is the first disruptive technology in ACL tear treatment in more than 30 years. The implant enables a torn ACL to heal and restores the natural function of the knee. It is a paradigm shift from the current standard of care – reconstruction that replaces the ACL with a graft.
The Major League Soccer Players Association (MLSPA), SV Health Investors and Aperture Venture Partners join existing investors Amzak Health, Smith+Nephew, DSM Venturing, Sectoral Asset Management, Endeavour Vision and the NFL Players Association (NFLPA) in the extension round. SV Health Investors will be represented on the Miach board of directors.
“This financing will enable continued growth of our commercial organization in the U.S., as well as support clinical initiatives like the Bridge Registry to provide important data on real-world patient outcomes,” said Patrick McBrayer, president and CEO, Miach Orthopaedics. “We are excited to welcome the MLSPA, whose investment demonstrates the potential of the BEAR Implant to be a game changer for professional athletes, as well as SV Health Investors and Aperture Venture Partners.”
With approximately 400,000 ACL injuries occurring in the U.S., ACL tears are the most common sports-related injury and often occur in those that involve sudden stops and changes in direction, such as soccer, skiing, basketball and football. There has been strong interest in the BEAR Implant from athletes of all skill levels, including youth who play on school and club teams, collegiate athletes and weekend warriors.
“Miach’s ability to continue to attract significant investment is a testament to the management team’s leadership in driving rapid adoption of the BEAR Implant across the U.S.,” said Joyce Erony, managing partner, Amzak Health, and chair of Miach’s board of directors. “This Series B extension diversifies Miach’s investor group and provides additional resources to further market growth in the U.S. toward the goal of establishing the BEAR Implant as a new standard of care for ACL tears.”
