Cervical spine-focused Providence Medical last week 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.
Results from the single-arm, multi-center study were presented at the Spine Week 2016 conference in Singapore last week, the Walnut Creek, Calif.-based company said.
“The 2-year results of this study are promising and suggest DTrax technology is a valuable addition to the armamentarium of options for surgeons treating patients with cervical radiculopathy,” Dr. Kris Siemionow of Chicago’s University of Illinois said in a press release.
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.
“Providence has been committed to providing clinical evidence since the company’s inception. We are encouraged by this evidence supporting the safety and efficacy of decompression and stabilization with DTrax technology for the treatment of cervical radiculopathy. We believe that DTrax technology fills critical gaps in the continuum of traditional cervical spine care,” CEO Jeff Smith said in prepared remarks.
The company also released information on a $2.85 million round of equity financing, joined by 16 unnamed investors, but has not stated how it plans to use the funds raised in the round.
Providence is still looking to raise another $621,385 in the round, according to an SEC filing.
Last August, Providence said it raised $12 million in a new round of equity financing to help support its Dtrax platform of spinal products, as well as growing itself as a ‘differentiated’ business in the cervical fusion market.
The financing round saw participation from existing investors Stanmore Medical Investments, Aphelion Capital and a newly established debt facility with Silicon Valley Bank, the Lafayette, Calif.-based company said.