Relievant 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.