Vertos Medical said yesterday that it closed a $28 million financing round for its Mild treatment for lumbar spinal stenosis.
The round was led by new investor MVM Life Science Partners, joined by prior backers Leerink Revelation Partners, Pitango Venture Capital, ONSET Ventures and Aweida Venture Partners. MVM partner Hugo Harrod is joining the Vertos board as part of the transaction, according to a press release.
Aliso Viojo, Calif.-based Vertos said it plans to use the proceeds to expand the commercial footprint for Mild, a minimally invasive procedure the company says requires no stitches, general anesthesia, implants or overnight hospital stays.
“There are millions of patients currently suffering from the debilitating effects of lumbar spinal stenosis who are looking for new treatment options that are safe, effective, and treat the underlying cause of stenosis,” president & CEO Eric Wichems said in prepared remarks. “We are pleased that we are able to expand access to the Mild procedure with the help of MVM and our current investors.”
“The proven, low-cost and safe Mild solution stands to benefit the more than 2.4 million Americans who are expected to suffer from LSS by 2021,” Harrod added. “MVM is excited to join with Vertos Medical in extending access to this unique clinical solution for patients living with the debilitating symptoms associated with LSS.”
Vertos last year won national coverage for Mild from the Centers for Medicare & Medicaid Services via the Coverage with Evidence Development Program. Yesterday the company said it plans to use its latest funding “to help meet the strong demand for the procedure from providers and patients” and on physician training and education.