Regenerative life sciences company Nanovis said this month it raised $5.5 million in a new funding round slated to support its nano-technology enhanced spinal implants.
The round was brokered by Commenda Securities and joined by key investors Elevate Ventures, 1st Source Capital Corporation, Purdue’s Foundry Investment Fund, Commenda Capital and Ellipsis Ventures, the Carmel, Ind.-based company said.
“Our investment in Nanovis is consistent with our mission to support the ongoing development and success of entrepreneurial businesses across Indiana. This latest round of funding will provide Nanovis the growth capital they need as a high-performing, high-growth business,” Elevate Ventures CEO Chris LaMothe said in a prepared statement.
Funds raised in the round will be used to support working capital and sales needs as the company looks to meet demand for its spinal implants.
“Investors recognized that Nanovis’ technology portfolio offers interbodies with the best combination of a deeply porous bone interface scaffold with a tailored nanotube surface and bridging bone visualization. Nanovis’ nanotube surface is the only nanotechnology in the spine market with which scientists can customize and control the spacing of the nanofeatures. Appropriate nanofeature design and control is important in optimizing bone growth. As a result, our distribution partners are already seeing rapid sales growth and hospital approvals for Nanovis’ FortiCore interbodies. In addition, we are receiving strong interest from surgeons in participating in our nanotube enhanced FortiCore interbody launch,” CEO Matt Hedrick said in a press release.
In March 2016, Nanovis said that it won a grant from the National Institute of Health’s National Institute on Aging to fund pre-clinical studies of its FortiCore interbody fusion device.