Nanochon, a Washington, DC-based orthopedic device biotech company, announced it has raised $4 million in its series seed prime fundraising round. The funding round was led by The University of Virginia Licensing and Ventures Group Seed Fund, with participation from Cultivate (MD), Alumni Venture Group, Mountain State Capital, and others.
Nanochon plans to use the funds to initiate its first in human clinical trials in the US this year, deepen research and development efforts, and expand the company’s patent profile and grow its team.
Nanochon will initiate the phase I trial in the US this year for its patented knee implant Chondrograft. And the device requires only minimally invasive surgery to regrow damaged cartilage and bone to stave off the need for full knee replacements which are costly and have a long recovery time.
Nanochon is a biotech and medical device company focused on developing innovative orthopedic solutions. And Chondrograft is a minimally-invasive implant that enables for immediate weight-bearing and motion, meaning less time spent recovering. And Nanochon has the potential to deliver a more successful and longer-lasting recovery for patients than the current standard of care.
The goal is to develop a new approach to treat cartilage replacement and repair so that hundreds of thousands of young, active patients with joint damage can return to their lifestyles without undergoing costly and invasive short-term fixes.
KEY QUOTES:
“We’re thrilled to close our funding round and begin our clinical program. Securing this funding is one step closer towards achieving Nanochon’s goals of eliminating the need for knee replacements, and greatly shifting the paradigm of arthritic joint care.”
“We’ve had fantastic success in our animal studies and we’re very optimistic about future implications in human knees and other joints.”
- Ben Holmes, CEO and co-founder
