Solenic Medical Secures $5.1M in Series A Financing
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Solenic Medical, a promising medical device company based in Addison, Texas, recently announced a milestone in their ongoing efforts to transform the treatment of prosthetic joint infections (PJI).
The company has raised $5.1 million in a Series A financing round, with key investors including Johnson & Johnson Innovation – JJDC, Inc., ShangBay Capital, and Highpoint Ventures.
The funding will accelerate the development of Solenic’s groundbreaking technology. Leveraging the unique properties of alternating magnetic fields (AMF), Solenic has designed a non-invasive device to eradicate biofilm on metallic medical implants.
Biofilm, a thin layer produced by bacteria, often impedes effective treatment of PJI by protecting the bacteria from both antibiotics and the immune system. Solenic’s technology aims to overcome this challenge, initially targeting the metallic components of knee implants, with plans to extend to other types of metallic medical implants.
According to James Y. Lancaster, CEO of Solenic Medical, the company is focused on offering a much-needed non-surgical alternative for patients suffering from chronic or acute PJI. As the lifespan of patients with artificial joints increases, so does the risk of infection, particularly given the growing number of patients with multiple implants over their lifetime.
In the United States alone, nearly two million total knee and hip replacements are performed each year, a figure projected to double by 2030.
PJI represents a significant complication in these procedures, often requiring additional surgeries and weeks of antibiotic treatment. This method, while effective for some, carries a high failure rate, significant morbidity for high-risk patients, and a considerable financial burden, with costs often exceeding $150,000 per case.
The development of Solenic’s AMF technology could not only improve patient outcomes but also significantly reduce the annual cost of treating PJI in the U.S., currently estimated at $2.5 billion. The next steps for Solenic include progressing to human studies in early 2024 and a final large animal trial to evaluate the health of bone cells post-treatment.
Given the aging population and the increasing number of knee and hip replacement surgeries, Solenic’s solution holds significant potential for addressing a major medical challenge, transforming the lives of countless patients, and alleviating the financial strain on the healthcare system.
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