Cervical spine-focused Providence Medical said today it closed a $10.5 million equity financing round, with proceeds slated to support commercialization and portfolio expansion.
The round was led by new investor MVM Life Science Partners, who will join the company’s board. Also joining the round were Stanmore Medical Investments, Aphelion Capital and existing private investors, Walnut Creek, Calif.-based Providence Medical said.
“Providence’s unique product suite addresses key unmet needs in cervical spine fusion surgery. MVM is delighted to support the business through the next phase of growth and to be working with such a high-quality CEO and management team,” MVM partner Dr. Bali Muralidhar said in a prepared statement.
“I am thrilled MVM is joining our group of supportive investors. MVM’s deep scientific expertise and success globally commercializing medical technologies make them an ideal partner for Providence. We are excited by the continued growth of our business and wide adoption of our innovative, cervical-fusion technology. With our expanding product offering and growing body of clinical evidence, surgeons are increasingly choosing Providence. We are so pleased that our products are resulting in positive patient outcomes and resonating with spine surgeons and hospital administrators alike,” Providence CEO Jeff Smith said in a press release.
In May, Providence Medical released 2-year radiographic and clinical outcomes from a study of its DTrax system of instruments and implants and announced a $2.8 million round of equity financing.
Data from the study of 53 patients who underwent posterior cervical fusion for spondylotic radiculopathy using the DTrax suite of devices indicated significant reductions on the Neck Disability index, VAS Neck Pain and Arm Pain scores and SF-12 MCS scores.
No significant changes in overall or segmental lordosis after surgery were recorded, and the company reported a radiographic fusion rate of 98.1%. No device failures, implant lucency or surgical re-interventions were reported, the company said.