VertiFlex said today it closed a $40 million round of financing to support its Superion indirect decompression system designed to treat moderate lumbar spinal stenosis.
The round was led by newly invested Endeavour Vision and H.I.G. BioHealth Partners, and was joined by existing investors New Enterprise Associates, Thomas, McNerney & Parnters and Alta Partners.
“Vertiflex has seen tremendous early success in the commercialization of the Superion System. With favorable long-term clinical outcomes, a new Category I AMA CPT code and broad reimbursement in place, adoption of Superion has continued at a rapid and steady pace, driven by significant interest from both patients and treating physicians. I’m also excited to see continued momentum with our current investors who have steadfastly supported the company to date, and look forward to working closely with our new investors to realize the potential for the Superion System, as we further invest in the commercial expansion of an important treatment option for physicians and patients,” prez & CEO Earl Fender said in a press release.
The Carlsbad, Calif.-based company plans to use funds raised in the round to support the commercial expansion of its Superion system.
The Superion device, which won FDA approval in May 2015, is designed to be implanted in the spine with a minimally invasive procedure to relieve spinal stenosis, a narrowing of the spine, which can put pressure on spinal nerves. The condition, which is often associated with aging, can cause pain, numbness and loss of certain motor function.
“The Superion System offers patients a minimally invasive solution to treat leg pain associated with spinal stenosis. The implant, placed through a small tube the size of a dime, does not deconstruct any of the anatomical elements and provides immediate relief. I incorporated this treatment into my practice after seeing the clinical data from the FDA IDE clinical trial. The safety, efficacy, and five-year durability that the data presented made it a procedure I can stand behind,” Dr. Nick Shamie of the UCLA School of Medicine said in a prepared statement.
Vertiflex said it recently relocated its corporate headquarters from San Clemente, Calif. to allow for better growth and expansion of the company.
Last October, VertiFlex said it raised $15 million in a new round of debt financing, according to an SEC filing posted today. Money in the round came from 6 unnamed sources, according to the filing, and includes $148,999 in funds which will be available upon the exercise of warrants.