UPDATED June 20, 2016 with comment from Si-Bone, investor details.
Si-Bone said June 17 that it raised a $20 million funding round, hot on the heels of the regulatory and reimbursement wins it logged last week.
Nine investors participated in the equity round, San Jose, Calif.-based Si-Bone said in a regulatory filing; in a June 20 press release, the company said all of its prior backers participated, along with new investor Arboretum Ventures.
The proceeds are slated for funding a U.S. sales team expansion, Si-Bone said.
“The 40 peer-reviewed published papers, unique patented triangular design and unique FDA cleared indication that cites studies that have demonstrated improvement in pain, patient function and quality of life, sets iFuse apart from all other SI joint fusion devices. Payors across the U.S. have either established coverage or are considering coverage for iFuse,” president & CEO Jeffrey Dunn said in prepared remarks. “Given the expanded insurance coverage recently announced, we are more excited than ever about the growing adoption of the iFuse procedure. With the additional support of new investor Arboretum Ventures along with continued support from our existing investors, we look forward to making iFuse available to all those who can benefit from this proven therapy.”
“We are excited to join the Si-Bone team at this time to help support the growth and continued expansion of the iFuse procedure. Si-Bone has built an impressive portfolio of clinical evidence that provides a strong foundation for significant growth in the years ahead,” added Arboretum Ventures managing director Tim Petersen.
Earlier this week, Si-Bone said it won an updated 510(k) indication from the FDA for the iFuse implant, allowing it to label the sacroiliac joint fusion system clinically proven to improve pain, patient function and quality of life.
Si-Bone also said that the last of 8 regional Medicare contractors, First Coast Service Options, initiated coverage for iFuse.