Vertos Medical announced a $23 million funding round for its outpatient treatment for lumbar spinal stenosis.
The round, led by new investor Pitango Venture Capital, will be used to commercialize Vertos Medical’s mild procedure, according to a press release.
Existing investors also participated, including Onset Ventures, CHL Medical Partners, Foundation Medical Partners, Mercury Fund and Aweida Venture Partners, according to the release.
The mild procedure won 510(k) clearance in 2008. Vertos touts an 81% positive-response rate for lumbar spinal stenosis patients attempting to stand and walk after undergoing the procedure. Approximately 15,000 people have been treated with mild in the U.S., the company said.
“We are pleased to partner with Pitango, an experienced investor with global presence, and we are fortunate to have the ongoing commitment and confidence of our existing investors,”CEO James Corbett said in prepared remarks.