Intrinsic Therapeutics said today that it raised a $49 million debt-and-equity round for the Barricaid annular closure device for discectomies that it’s developing.
The Boston-based company said the round consisted of a $28 million equity financing led by New Enterprise Assoc. and Delos Capital, plus a $21 million debt facility with CRG. Other backers included Greenspring Associates, Quadrille Capital and a “corporate strategic,” Intrinsic said.
Back in December, when Intrinsic revealed an $18 million raise in a regulatory filing, the company also filed a pre-market approval application with the FDA for the Barricaid device. The 2-year, 554-patient study backing the PMA bid is the 1st superiority trial for a device of its kind, Intrinsic said.
“We are excited to welcome Delos and CRG as partners as we continue the process toward US market access,” president & CEO Cary Hagan said in prepared remarks. “The additional capital will allow us to continue our development efforts on reimbursement pathways for this compelling new technology with a sharp focus on demonstrating clear health economic value to surgeons, payers and hospital systems.”
“We are very happy to join with a prestigious group of investors to support Intrinsic as they bring this important technology to the market in the U.S. and around the world. In today’s changing healthcare environment, technologies that conserve resources and reduce costs to the healthcare system will fit squarely within the paradigm of hospital and payer cost-containment,” added CRG managing director Luke Dϋster.
“We are extremely excited to be investing in Intrinsic at this later stage of their development. The company has generated conclusive clinical data which supports a large global opportunity including the US market as early as next year,” said Jeani Delagardelle, the New Leaf Venture Partners managing director who joined Intrinsic’s Board representing Delos.