Peregrine Ventures, an investment firm dedicated to supporting life-changing healthcare opportunities, has realized a $500 million exit from Israel's CartiHeal following the FDA's approval of CartiHeal's Agili-C implant, the company announced Thursday.
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Founded by CEO Nir Altschuler in 2009, CartiHeal produces a biodegradable treatment for cartilage and osteochondral defects in arthritic and non-arthritic knee joints. Over a decade ago, it joined Peregine's "Incentive" technology incubator.
In a robust clinical study in which 251 patients were enrolled in 26 sites in the US, Europe, and Israel, the superiority of the Agili-C implant over the current Surgical Standard of Care (SSOC), microfracture and debridement, was confirmed for the treatment of knee joint surface lesions, chondral and osteochondral defects.
The implant was granted Breakthrough Device Designation by the FDA in 2020.
"It's thrilling to receive FDA approval which will allow us to provide quality care for millions of patients that would have otherwise been faced with no viable treatment for degenerative knee cartilage," said Altschuler.
"Through many years of partnership with Peregrine, we achieved a scientific breakthrough. As a former manager at the investment firm, it has been incredible to experience first-hand the commitment Peregrine makes in its portfolio companies, from capital and connections to business development and guidance," Altschuler said.
"Upon first hearing of CartiHeal's groundbreaking technology, we knew of the company's immense potential. In fact, we were CartiHeal's first investors," said Peregrine co-founder and Managing General Partner, Boaz Lifschitz.
"Over $7 billion has been spent worldwide to deliver a cartilage treatment technology which has yielded insufficient treatment options, until now. It has been thrilling to work with Nir Altschuler and his team to help bring to market a cartilage treatment that will improve the quality of life of millions of people around the world," Lifschitz added.
The CartiHeal exit follows Peregrine's $300 million exit from Cardiovalve, a pioneering transcatheter mitral and tricuspid valve replacement company earlier this year. To date, Peregrine has had 15 successful exits valued at a total of over $2 billion.
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