Relievant Medsystems, a US-based medical device company focused on treatment of chronic low back pain (CLBP), has completed a $70m equity financing.
The round was led by new investor Vensana Capital and Lightstone Ventures with participation from existing investors Endeavour Vision, New Enterprise Associates, Morgenthaler Ventures, and Canaan Partners.
Relievant Medsystems president and CEO Art Taylor said: “This oversubscribed financing round is a great vote of confidence in our team, product, and mission to change the treatment paradigm for CLBP.
“2020 will be a record year for Relievant and the commercialisation of the Intracept Procedure. With the recent publication of our five-year data, showing sustained improvements in pain and function, we expect even greater adoption in 2021 as more and more physicians make Intracept a core part of their CLBP patient care pathway.
“We are delighted to have such strong financial support to fuel this rapid commercial growth and to make this much-needed treatment available to more patients and physicians.”
CLBP is often severely debilitating condition estimated to impact almost 30 million people in the US with more than 70% failing to find sufficient relief with conservative care and not being candidates for surgery.
Intracept Procedure of Relievant is a minimally invasive treatment that is based upon anatomic research, which showed that several of these patients suffer from vertebrogenic pain.
The vertebrogenic pain originates from the vertebral endplates that is transmitted through the basivertebral nerve.
The Intracept Procedure is backed by two Level I randomised controlled clinical trials, as well as long-term data, showing improvements in pain and function, lasting over five years after the procedure.
According to estimates, more than five million CLBP patients in the country have vertebrogenic pain and are candidates for the Intracept Procedure.
As part of the financing, Vensana Capital co-founder and managing partner Justin Klein will join the board of directors of Relievant.
Klein said: “The team at Relievant has created a category-defining medical procedure that truly has the potential to transform the treatment of CLBP. The Intracept procedure is a safe, patient-friendly treatment that has resonated with physician leaders in the field and has been proven to significantly reduce pain and disability now beyond five years in well-conducted clinical trials.
“With the millions of patients in the US suffering from chronic axial low back pain indicated for Relievant’s Intracept Procedure, we believe Intracept is an outstanding example of medical technology innovation and is one that can also positively impact our country’s ongoing opioid epidemic.”