Israeli device maker Premia Spine confirmed today that it had raised $7 million, planning on using part of the funds to pursue FDA approval for its spinal fixation devices.
CEO Ron Sacher told MassDevice.com today that the reports about the company’s latest fundraising efforts are true, and that Premia is looking to raise another $3 million to close out the financing round.
Premia hopes to use the funds to expand commercial and regulatory efforts for its spinal plates as an alternative to traditional lumbar spinal fusion. The company plans further to expand its European commercial efforts with additional salespeople.
Premia acquired the TOPS mechanical fixation device when it bought Impliant Ltd. In 2011. The company recently touted study results that showed that the TOPS device outperformed fusion, providing better clinical outcomes than Medtronic’s (NYSE:MDT) fusion devices. The analysis was drawn from separate studies, not compared to head-to-head.
The device maker plans to launch a larger U.S. clinical study to support a bid at market approval, according to a report from Israel’s Globes news.