Carticept Medical Closes $10M Financing
Summary
Carticept Medical, Inc., an Alpharetta, Ga.-based developer of innovative products for the treatment of cartilage injuries and osteoarthritis, has completed a $10m financing round. This latest financing brings the total amount raised by the company to date to $53m. The company intends to use the funding for the commercial launch of its Navigator™ Delivery System (DS), a computer-controlled drug delivery system that integrates ultrasound guidance to increase the efficiency and safety of administering medications for joint pain. Carticept received FDA 510(k) clearance to market the Navigator DS in September 2011, with the full commercial launch slated for the first quarter of 2012. Established in 2005, the company is led by president and chief executive officer Timothy J. Patrick.