DURHAM, N.C., Dec. 14, 2021 /PRNewswire/ -- Sparta
Biomedical, a privately held medical device company targeting
partial knee resurfacing, today announced the closing of an
oversubscribed Series Seed round of financing to complete
preclinical activities for IDE submission.
Sparta's SBM-01 Biomimetic
Implant 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.
The financing is led by Nanosha LLC, a family office, and
includes participation from Duke Angel Network as well as several
medtech, international, and other strategic angel investors. "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. "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."
In addition, Sparta welcomed
Ken Gall, PhD to the Board of
Directors. "We are thrilled that Ken accepted our invitation to
join our Board," said Dimitrios
Angelis, Chief Operating Officer. "Ken is a successful
entrepreneur, Duke University
Professor, and holds multiple board posts. He has built teams and
sold companies over the last several years and has an extensive
network within large medtech companies. We couldn't have asked for
a better fit to Sparta's mission
and culture."
"I have been fortunate to witness both the technical leadership
that Dr. Benjamin Wiley, CTO, and
the strategic foresight the founders have demonstrated over the
last couple of years," said Ken
Gall. "This technology is groundbreaking and will be the
foundation for Sparta to be a
substantial player in the resurfacing space. I am very excited to
be partnering with the leadership team and investors to help them
efficiently and effectively get through development and onto the
market."
Co-Founded by Dushyanth Surakanti
and Dimitrios Angelis, Sparta
Biomedical has assembled a nationally recognized team of clinical
advisers:
Adam B. Yanke, MD, PhD
Brian R. Waterman, MD
Seth L. Sherman, MD
Kristofer J. Jones, MD
LTC Jonathan F. Dickens, MD
"Duke Angel Network (DAN) is pleased to invest in Sparta
Biomedical. 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," said Kurt Schmidt,
Managing Director of Duke Angel Network & Duke Innovation
Fund at the Office for Translation and Commercialization.
About Sparta Biomedical, Inc
Sparta's mission is to empower
orthopedic surgeons with advancements that fundamentally restore
movement for their patients. More information
at www.sparta-biomedical.com
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SOURCE Sparta Biomedical
