DURHAM – A Duke University-linked medtech startup has closed on $5 million from investors and plans to use the fund to further develop its partial knee resurfacing technology.
Sparta Biomedical says its seed round was oversubscribed and includes Duke Angel Network. Nanosha LLC led the round.
The news was announced Wednesday.
Duke University helped launch the company.
Sparta describes its technology as a Biomimetic Implant which is “a minimally invasive treatment for chondral or osteochondral defects of the knee cartilage. It mimics the properties of native cartilage and provides a smooth articulating surface, providing support to surrounding cartilage while stabilizing subchondral bone, and thereby limiting further exacerbation of the disease.”
“We are fortunate to have the backing of investors who bring significant clinical and industry experience,” said Dushyanth Surakanti, Chief Executive Officer of Sparta Biomedical, in the announcement.
“At Sparta, we are focused on equipping surgeons with advancements that fundamentally restore movement for their patients. This financing enables the acceleration of preclinical activities so that we are one step closer to delivering a value driven first-of-its-kind solution to millions suffering from knee pain and compromised mobility,” Surakanti added.
The company also is adding Ken Gall, a professor at Duke and an entrepreneur, to its board.
“Duke Angel Network (DAN) is pleased to invest in Sparta Biomedical,” said Kurt Schmidt, Managing Director of Duke Angel Network & Duke Innovation Fund at the Office for Translation and Commercialization. “The company’s technology was invented by Duke University faculty members across chemistry, materials science, and engineering, and has received a breakthrough device designation from the FDA. DAN brings Sparta’s progress full circle, with Duke investors funding the commercialization of Duke innovations. DAN is proud to fund companies that seek to address some of the world’s most pressing clinical challenges, and Sparta is no exception.”