Nanochon, a Washington, D.C.-based orthopedic device company developing an implant to treat articular cartilage defects in the knee, said it has secured commitments to close an oversubscribed $4.1 million Seed Prime II financing, bringing total capital raised to date to $11.3 million. The round was led by cultivate(MD), with participation from the University of Virginia UVA Seed Fund, WSGR, Wealthing VC Fund, and other investors. Nanochon said the majority of the financing came from existing backers, while also adding new individuals and funds to its investor base.
Nanochon plans to use the proceeds to support its first-in-human clinical study in Canada, continue research and development, and begin planning for a future pivotal trial. The company also said the round will help accelerate manufacturing capabilities as it prepares for larger-scale clinical execution.
The company’s lead product, Chondrograft, is a patented, minimally invasive knee implant designed for cartilage restoration. According to Nanochon, the implant is intended to enable immediate weight-bearing and motion, aiming to shorten recovery time compared with existing approaches.
Nanochon said it expects to begin a Phase I trial in Canada in the coming weeks. The prospective early feasibility study is planned to enroll 10 patients and will evaluate safety and efficacy in eligible adults ages 22 to 60 with femoral condyle and/or trochlea articular cartilage lesions who have failed conservative therapy, among other criteria.
As part of its broader platform strategy, Nanochon also highlighted a partnership with ProVoyance to develop an MRI-based preoperative surgical planning software tool, positioning the company to pair an implant-based approach with workflow-enabling software as it advances through clinical development.
KEY QUOTES:
“We’re both honored and humbled to oversubscribe another funding round. The capital commitments from our investors speak volumes about their confidence in the work we’re doing to shift the paradigm of cartilage restoration… As we step up to the start line of our clinical journey, Nanochon is powered by an exceptional team… With the right people, partners, and capital in place, we’re excited to translate years of innovation into meaningful outcomes for patients.”
Ben Holmes, CEO and Co-Founder, Nanochon
“Making a follow on from our initial investment in 2023 was an easy decision… The current round will not only support the first in human clinical trial in Canada as well as accelerate their manufacturing capabilities, but it will set the stage for a greater North American pivotal trial leading to FDA clearance… Nanochon… has launched a partnership with ProVoyance to develop a full MRI based preoperative surgical planning software tool.”
R. Sean Churchill, MD, MBA, cultivate(MD) Capital Funds
