PainTEQ announced today that it raised $35 million in non-dilutive growth capital backed by its intellectual property (IP) portfolio.
A lending vehicle managed by MVolution Partners (MVP) led the IP-backed debt financing.
PainTEQ plans to use proceeds to expand the commercialization of its LinQ implantable sacroiliac (SI) joint stabilization system. Additionally, the company wants to put funds toward R&D efforts to advance care for SI joint pain and dysfunction.
Tampa, Florida-based PainTEQ designed LinQ as a safe, minimally invasive option to treat SI joint dysfunction. Without any drilling, the single LinQ implant with a large graft window goes into the SI joint. It promotes stabilization and creates an ideal environment for long-term fusion.
With a minimally invasive outpatient procedure, LinQ provides immediate clinical benefits for those with incapacitating lower back pain.
The company reports positive outcomes for patients backed by clinical data, plus an “excellent safety profile,” according to a news release. To date, more than 8,000 LinQ procedures have been performed in the U.S.
“We are excited to work with MVP,” said Sean LaNeve, PainTEQ CEO. “Our ability to secure attractive debt financing from an experienced healthcare investor is a testament to the strength and potential of PainTEQ’s business. This strategic funding allows us to accelerate our growth trajectory and significantly strengthens PainTEQ’s ability to improve the quality of life for an even greater number of patients living with SI joint pain.”
