Cervical spine-focused medical device maker Providence Medical said today it closed a $25 million round of equity financing to help support commercialization and development of its DTrax cervical fusion instruments.
The round as led by Revelation Partners and joined by BMO Global Asset Management, MVM Life Science Partners, Medvest Capital and Aphelion Capital, the Pleasanton, Calif.-based company said.
“DTrax is an important innovation in cervical spine treatment that addresses a large market with significant unmet clinical need. We are pleased to back the Providence team during this pivotal stage of the company’s growth,” Revelation Partners managing partner Zack Scott said in a prepared statement.
Proceeds from the round will be used to help support commercial expansion and clinical development of the DTrax line of cervical fusion instruments designed to treat advanced cervical spine conditions.
“We welcome Revelation Partners and BMO to our dedicated team of investors. We are committed to improving the lives of patients suffering from cervical spine disorders. This funding enables Providence to increase our investment in clinical evidence development and bring our unique cervical fusion technology to more patients and surgeons. I am grateful for the new and continued support from our venture partners,” Providence CEO Jeff Smith said in a press release.
Last July, Providence Medical released results from two independent studies of its DTrax and Cavux posterior cervical fusion technology, touting significant improvements in pain relief and other benefits.