CARTICEPT MEDICAL™ ANNOUNCES $20 MILLION SERIES B FINANCING
(Alpharetta, GA, March 9, 2010)--Carticept Medical, Inc.
, a developer of innovative products for the treatment of cartilage injuries and osteoarthritis, today announced that it has completed a $20 million Series B financing round. New investor SonoSite, Inc. joined existing investors Domain Associates and New Enterprise Associates. The financing will provide funding for the expected commercial launch of the Company’s NavigatorTM Delivery System, an integrated, computer-controlled, fluid delivery system designed to automate the delivery of medication for the benefit of both the patient and physician, as well to complete patient enrollment in the clinical study of the Company's CartivaTM Synthetic Cartilage Implant.
“We are excited to add SonoSite to our group of existing investors that have provided strong support to the Company,” said Timothy J. Patrick, President and Chief Executive Officer. “This additional funding provides further validation of Carticept’s leadership in the development of innovative treatments for patients with osteoarthritis or cartilage damage”.
About Carticept Medical, Inc.
Based in Alpharetta, Ga., Carticept Medical, Inc. is a privately held medical device company established in 2005 to develop and market innovative solutions for patients with osteoarthritis or cartilage damage. Major investors include Domain Associates, New Enterprise Associates and SonoSite, Inc. Additional information is available on the company's web site at www.carticept.com
Vice President, Finance & CFO
Carticept Medical, Inc.