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Cartiva Inc. ropes in $4.3 million to support clinical trials for its implant to treat osteoarthritis in the big toe.

Cartiva Inc. logo

Synthetic implant company Cartiva closed a $4.3 million financing round led by venture capital firm New Enterprise Associates. As part of the round, 1 of the VC firm's partners, Dr. Justin Klein, will join Cartiva's board of directors.

The Alpharetta, Ga.-based device maker plans to use the funds to support trials for its synthetic cartilage implant for treatment of arthritis in the big toe. The implant is undergoing testing in a 236-patient study.

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