Ortho Kinematics said yesterday that it drummed up a $9.6 million Series C round for its vertebral motion analysis technology, its flagship product.
Investors in the round included Ortho Kinematics partner Medtronic (NYSE:MDT), Texo Ventures, MB Venture Partners and other previous and new backers, Austin, Texas-based Ortho Kinematics said.
Ortho Kinematics said it plans to use the infusion to expand the commercial footprint for the VMA tech, which is already marketed by Medtronic. The test, which uses fluoroscopy to capture images of the spine in motion, is designed to displace traditional X-ray imaging as the primary method for identifying spinal dysfunction.
The VMA test won FDA clearance and is in limited commercial release, Ortho Kinematics said. The new cash is slated for a full-scale launch in the U.S. and Europe and limited R&D, the company said. MB Venture Partners co-founder and managing partner Gary Stevenson joined the OKI board as part of the Series C round.
CEO Paul Gunnoe said the latest funding round is "a strong vote of confidence and will give OKI the resources to support ambitious growth."
"The VMA is disrupting [more than] 60-year-old methods of diagnosing spine issues, and we believe this type of innovation is long overdue. We are leading in this area and are humbled by the support we have received," Gunnoe said in prepared remarks.
"My patients benefit from getting a VMA. The VMA provides the clinical information of traditional x-rays, as well as tremendous biomechanical insight from motion analysis that can impact diagnostic and treatment decisions. To improve spine care, diagnostic capabilities must also improve," added spine neurosurgeon Dr. Reginald Davis of the Greater Baltimore Medical Center.