CAPITAL
Following the start of our FIH, we decided to reopen our Seed Prime II round and extend it by up to an additional $3M. cultivate(MD) anchored the round with a $1.375M commitment. We also brought on a new party, ReefHaven Ventures, a Seed/Series A fund run by veteran entrepreneurs in the biomaterials and orthopedics space.
This additional funding gives us runway through the end of 2027 to support our ongoing first-in-human (FIH) trial and expedite R&D on the arthroscopic delivery system, a software companion surgical planning application, and finish designing the single-use, off-the-shelf tool and packaging ahead of launching the pivotal trial.
We plan to open a $30M Series A in Q1 2027 which will fund a multi-site pivotal trial and FDA submission. Additionally, Nanochon is preparing to have a growing presence at key industry meetings to continue building relationships with PIs for studies, key opinion leaders, and strategic acquisition partners. Finally, a portion of the Series A will be allocated for commercial ramp-up ahead of the PMA approval and market entry in the U.S.
CLINICAL
Years of planning and preparation came to a head on August 29th when we officially performed our first human surgery in Panama. Dr. Juan Osorio and Dr. Emilio Tufiño, both specialists in regenerative sports medicine, performed the procedure at The Panama Clinic in Panama City. The patient is doing very well, and we have enrolled two additional patients over the past several weeks.
COMMERCIAL & BUSINESS DEVELOPMENT
Nanochon maintained its high-visibility strategy by attending several industry events this quarter, including the BioHealth Capital Region’s 12th annual forum on September 16th and the Cville Biohub’s BioDiscovery Summit on September 17th. We also presented our poster, “Preliminary results of clinical and pre-clinical use cases of Nanochon’s Chondrograft,” at the Maryland Stem Cell Research Fund (MSCRF) 20th Anniversary Felicitation Ceremony.
We also kicked off a research project with the Duke University Consulting Club, who are assisting with market access research in key OUS markets. While Nanochon is focused on a North American approval and commercial plan, we are doing productive work with the students to build a knowledge base that could support future launches in Europe, South America, and the Middle East.
We’re looking forward to a productive second half of the year and sincerely appreciate your continued support!