Benvenue Medical said it put a bow around a $60 million funding round for its Luna and Kiva treatments for degenerative disc disease and vertebral compression fractures.
The round consists of $23 million in equity and another $37 million in debt, Benvenue said, with DeNovo Ventures, Domain Associates, Esquilime Partners, InterWest Partners, Technology Partners and Versant Ventures participating in the equity sale. CRG, which alone bought into the debt portion, also got in on the equity sale, Benvenue said.
Versant Ventures co-founder & managing director Donald Milder is slated to join the company’s board as part of the round.
“We welcome Donald Milder as a board member, and we’re thankful for the support from our existing investors and CRG,” CEO Robert Weigle said in prepared remarks. “We believe the large investment in our company is due to the tremendous physician interest in our products and Luna in particular as an important advancement in minimally invasive spinal fusion.”
“I am impressed by the significant improvements the company’s expandable products, Luna and Kiva, offer over the traditional treatments for degenerative disc disease and vertebral compression fractures,” Milder added. “We are pleased to participate in this new infusion of capital to help carry the company to the next level of growth and commercial success.”
The Kiva VCF device won 510(k) clearance from the FDA in February 2014. The federal safety watchdog cleared the Luna 3D interbody fusion system in November 2014.
Santa Clara, Calif.-based Benvenue raised $64 million in June 2014.
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