Benvenue Medical raised $25 million in a Series D round of financing, planning to use the funds to penetrate the $9 billion global spine device market with support for commercialization in the U.S. and abroad.
The privately held spinal devices maker, launched in 2004, said it’s "well-poised for rapid U.S. and global sales" of its trio of minimally invasive surgical and interventional products for treatment of degenerative disc disease and vertebral compression fractures.
The Santa Clara, Calif.-based company’s Blazer vertebral augmentation system is the first of its devices to win FDA clearance for the U.S. market.
The Blazer devices, also used in treating VCFs, features a percutaneously-introduced wire that creates channels in the spine intended to direct the flow of bone cement while preserving vertebral architecture.
Benvenue’s Kiva VCF treatment system, available in Europe and distributed by Zimmer (NYSE:ZMH), consists of a single-use deployment system that places the Kiva implant in the fractured region of vertebral body.
The company is currently conducting U.S. clinical trials in support of a 510(k) bid. More than 800 VCF cases have been treated with Kiva to date, according to a press release.
The Luna spacer system for spinal fusion procedures, the 3rd device in the company’s spinal arsenal, won CE Mark approval in the European Union in 2010.
Benvenue is in the process of enrolling patients in a European post-market study, after which the device will be commercially available in the E.U. The device maker plans to submit 510(k) for the Luna device later this year.
The Series D funding round was completed with existing investors DeNovo Ventures, Domain Associates, Technology Partners and Versant Ventures, according to the release.