Viseon announced yesterday that it closed a Series B financing round worth $18 million to support a number of company initiatives.
The Irvine, Calif.-based orthopedic spine technology company said it is earmarking the funding for ongoing product development, worldwide regulatory approvals, clinical evaluations, manufacturing scale-up and commercialization efforts. The $18 million round was co-led by Invus Opportunities, affiliates of Wexford Capital and HBM-MedFocus.
Viseon plans to continue building out its proprietary visualization and illumination technologies for minimally invasive spine surgery (MISS) procedures. The single-use, disposable MISS access device is designed for a wide range of cervical, thoracic and lumbar procedures as a replacement for the surgical microscopes and endoscopes that are the standard products used.
In September 2019, the FDA awarded updated clearance for Viseon’s Voyant system for integrating minimally invasive surgical access with high-definition imaging technology. The company closed a $5 million Series A funding round in September 2017 for the MISS technology, having initially won FDA 510(k) clearance for the Voyant system in October 2018.
“We are very pleased to have the ongoing support from our current investment partners, with confidence underscored by inside-only investor participation and oversubscription,” Viseon president & CEO Jeffrey Valko said in a news release. “As fundamental as it may seem, enhanced real-time intraoperative visualization projected onto a large high-definition flat panel display will contribute toward clinical outcomes improvement, procedural efficiency, reduced risk of complications, OR staff involvement teaching opportunity and procedure expansion.”
“We have initiated limited commercial use of Viseon technology and early surgeon response has been very positive,” added Viseon COO Peter Davis. “Viseon continues to strategically expand commercialization working closely with MIS surgeons, collecting additional clinical feedback and utility in the U.S. and we are assessing international commercialization opportunities.”