MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

Home » Relievant Medsystems heads for Minnesota after $58m Series E

Relievant Medsystems heads for Minnesota after $58m Series E

By

RelievantRelievant Medsystems said yesterday that it plans to move to Minnesota now that it’s closed on a $58 million Series E round.

Led by Endeavour Vision, joined by new backer RK Mellon and existing investors New Enterprise Assoc., Canaan Ventures, Morgenthaler and Emergent Ventures, the round is earmarked for U.S. commercialization of Relievant’s Intracept intraosseous nerve ablation system for treating chronic lower back pain.

Although it plans to maintain its R&D and operations facility in Sunnyvale, Calif., Relievant said it plans to move its HQ to Minneapolis.

The cash infusion is also slated for a second randomized trial of the Intracept device; one-year results from a prior study released in February showed a statistically significant difference between patients treated with Intracept and a sham treatment cohort.

“We are pleased to have the support and confidence of this highly respected group of investors,” president & CEO Kevin Hykes said in prepared remarks. “These new funds will facilitate the U.S. commercial launch of the Intracept procedure, providing a new, clinically-proven option to the more than five million indicated patients for whom today’s limited CLBP treatment options have proven ineffective.”

“Endeavour Vision is proud to partner with Relievant to support the launch of this important new therapy,” added Endeavour Vision senior investment director Alexander Schmitz, who joined Relievant’s board in connection with the financing. “The ability to intervene early in the CLBP treatment continuum with the Intracept procedure has the potential to significantly reduce pain and disability, decrease use of healthcare resources, and positively impact the opioid epidemic.”

Relievant raised a $36 million round back in October 2016.

In case you missed it

RSS From Medical Design & Outsourcing

  • XL Precision Technologies plans UK, U.S. expansions
    XL Precision Technologies (XL-PT) has announced a major capital investment to expand facilities in the first quarter of 2021. At the primary manufacturing site in Stockton-on-Tees (UK), XL-PT has signed the lease to the adjacent building, which will add 17,400 ft2 of floor space to the existing capacity. Occupancy is expected within three months. XL-PT… […]
  • Researchers tout biomaterials that can be ‘fine-tuned’ for medtech
    Researchers in the UK and U.S. are touting a new thermoplastic biomaterial capable of “fine-tuning” for use in soft tissue repair or bioelectronics. According to a news release, the material, which is a type of polyester, has been developed by a team at the University of Birmingham (UK) and Duke University (U.S.) for use in… […]
  • HHS could make permanent pandemic-related exemptions for some devices
    HHS has used the Trump administration’s waning days to propose permanently exempting certain medical devices — including infusion pump controllers and fetal monitors — from the FDA 510(k) clearance process. In a notice published Jan. 15, 2021, in the Federal Register, the agency also listed seven types of patient examination gloves that it has decided… […]
  • Medtechs can’t set digital strategies aside – DTW Podcast
    Digital connectivity no longer belongs in the final slides of a medtech company’s pitch deck. In the latest DeviceTalks Weekly podcast, three leaders pushing for connected medical devices explain the need to incorporate data collection and monitoring functionality in new devices: Scott Huennekens, who advanced the “digital surgery” strategy when he helped launch Verb Surgical,… […]
  • Protolabs to acquire 3D Hubs for up to $330M
    Protolabs (NYSE: PRLB) today announced it plans to acquire Amsterdam-based 3D Hubs, an online manufacturing platform that provides engineers with on-demand access to a global network of approximately 240 manufacturing partners. The transaction creates a comprehensive digital manufacturing offer for custom parts, expanding Protolabs’ breadth of capabilities as well as adding a broader offering of pricing and… […]
  • These medtech stocks performed the best in 2020
    While 2020 did not go as planned for anyone, with the twists and turns came opportunities for medtech companies to power forward. Innovations came both as a result of the COVID-19 pandemic and perhaps in spite of the challenges brought on by the virus, highlighted by the increased efforts to produce vaccines and testing while… […]
  • Covestro tests plastics against high-strength hospital disinfectants
    Covestro announced that it recently teamed with disinfectant manufacturer Metrex to test five different Covestro polycarbonate materials against three of Metrex’s products, which are widely used throughout the healthcare industry. As is customary for rapidly assessing the compatibility of plastics to disinfectants, test specimens were pre-strained and underwent several wipe-and-dry cycles with Metrex disinfectants to… […]
  • Integer expands N.Y. battery plant
    Integer announced today that it recently broke ground on an expansion of its Alden, N.Y., facility to accommodate new equipment that will substantially increase the plant’s production capacity for rechargeable Xcellion lithium-ion batteries. The project kicked off in mid-December 2020 and will add both production equipment and a build-out of Integer’s existing facility. The company… […]
  • Diversified Plastics adds high-efficiency vertical presses
    Diversified Plastics (DPI) announced that it recently installed six all-electric vertical injection molding presses. These presses will join DPI’s existing assemblage of vertical presses and provide increased production capacity to meet growing demand from medical device and other original equipment manufacturers (OEMs). DPI uses vertical presses for over-molding and insert-molding, capabilities often required for medical… […]
  • Traco Power expands power supply line for portable medical equipment
    Traco Power announced that it has expanded its TPP 450 high-density 3×5 power supply series. The series now offers Protection Class II models (TPP 450BA-M Open-Frame Models and TPP 450B-M Enclosed with Fan Models), designed for non-stationary requirements where connection to ground is not possible. Key approvals on the original series remain on the expanded… […]
  • Reflow Medical launches low-profile reinforced support catheters
    Reflow Medical today announced it has launched its Reflow Spex Low Profile reinforced support catheters. The Spex LP catheters are designed to provide the lowest profile tip to access and cross the tightest and most complex lesions with a supportive system. They come in 0.014 in. and 0.018 in. sizes and can be combined with… […]