Encelle, a developer of proprietary materials designed to boost tissue regeneration, has been sold to a Michigan company.
Encelle had raised some $30 million in venture capital over several years. Intersouth Partners was among its investors. Cordova Ventures and North
Carolina Enterprise Fund also invested in Encelle.
Pioneer Surgical Technology, which is based in Marquette, Mich., said on Monday that it acquired Encelle. Terms were not disclosed.
Encelle’s lead product is a biopolymer called E-Matrix.
"We are excited about the addition of Encelle and its innovative products and pipeline to the Pioneer family," said Matthew Songer, an MD, who is chairman and chief executive officer of Pioneer. "This acquisition marks Pioneer’s entry into orthobiologics, a $1.2 billion a year market, and is a strategic fit with our overall long-term growth objectives."
Encelle, which operates a facility in Greenville, will continue to be based there and will operate as a subsidiary of Pioneer under the name Pioneer Surgical Orthobiologics.
The companies had worked for more than a year as partners in development of orthopedic products.
Pioneer was founded in 1992. It designs and manufactures spinal and orthopedic implants.