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
SOURCE Sparta Biomedical