Spineology® Announces $25 Million Equity Financing
– Funding to aid in acceleration of commercial growth, clinical education programs, and product development enhancements for highly-differentiated OptiMesh® implant portfolio –
ST. PAUL, Minn.–(BUSINESS WIRE)–Spineology, the medical device company pioneering Conform and Expand™ spinal fusion technology, today announced that it has raised $25 million in Series AA financing led by SV Health Investors, with participation from 1315 Capital and its existing investor, RC Capital.
“We are thrilled to welcome SV Health Investors and 1315 Capital. This infusion of capital allows us to provide our offering more rapidly to patients and clinical programs across the country,” said Brian Snider, Spineology Chief Executive Officer. “OptiMesh’s powerful distraction forces and conformance to the endplates provide strength and stability to restore disc height, achieve alignment goals, and promote robust fusion. It is evident that surgeons and patients desire less disruptive options to treat spinal disorders, further accelerating our opportunity.”
Today, approximately 400,000 lumbar interbody fusion procedures are performed in the United States annually. The OptiMesh technology is the only in situ patient specific, expandable implant on the market. OptiMesh is delivered through the smallest insertion portal in the lumbar interbody market, and dynamically conforms to a patient’s unique endplate morphology, expanding to one of the largest implant footprints available. With unparalleled versatility, a single implant may be used for multiple lumbar fusion approaches accommodating the needs of each patient. As a result, this implant, delivered through an ultra-minimally invasive approach, is designed to provide patients with faster post-operative healing, and return to a high quality of life. OptiMesh is backed with Investigational device exemption (IDE) level data and holds the only De Novo Grant for spinal fusion.
“SV Health is excited to back this leadership team with deep spine experience, market insights, and a proven track record of success,” said Greg Madden, Managing Partner, SV Health Investors who now joins the Spineology Board of Directors.
“Spineology’s OptiMesh technology is disrupting the industry for the better. Backed with IDE level data, this is an implant category of its own. We look forward to tremendous growth ahead bringing this unique offering to more hospitals and surgery centers in the U.S.,” commented Tom Patton, Executive Chairman, Spineology.
Unique in design and in published data, OptiMesh holds the highest achievement in clinical validation with an IDE level grant. Additionally, more than 20 years of clinical experience, 20 clinical publications, and more than 50,000 procedures distinguish OptiMesh in the interbody fusion space.
About Spineology
Spineology Inc. leads the way in ultra-minimally invasive spine surgery, revolutionizing how surgeons treat patients with spinal pathologies. Its proprietary technology, OptiMesh sets the company apart from traditional fusion procedures enabling surgeons to optimize outcomes, while minimizing tissue disruption and enhancing patient recovery. With a strong commitment to patient-centered care, Spineology aspires to provide every spine patient the freedom from pain through the creation and delivery of ultra-MIS solutions.
For more information about Spineology, visit Spineology.com, and follow us on Twitter or LinkedIn.
About SV Health Investors
SV Health Investors (“SVHI”) is a private investment firm dedicated to investments in the healthcare and life sciences sectors. Founded in 1993 with offices in Boston and London, SVHI manages over $2 billion across multiple investment strategies. SVHI’s dedicated healthcare growth fund seeks to partner with experienced management teams to accelerate the success of innovative healthcare companies in tech-enabled healthcare services, medical products and digital health sectors.
For more information, please visit www.svhealthinvestors.com.
About 1315 Capital
1315 Capital is a private investment firm with over $1 billion in assets under management that provides growth capital to commercial-stage healthcare services, pharmaceutical & medical technology outsourcing, medical technology, and health & wellness companies. 1315 Capital targets both minority and majority investments in companies where high-quality management teams can rapidly scale platform companies into large and important businesses that positively impact patients, physicians, and the broader healthcare system.
For more information, please visit www.1315capital.com.
Contacts
Jamison Young
Chief Financial Officer
651-256-8504
jyoung@spineology.com
