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Industry        Surgeon

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2016 Funding Recap

Posted in Research to Reality | Dec 2016 | Comments (0)

Tags: fundingspine

 



ORTHOWORLD reported 35 funding announcements for the first 11 months of 2016. Of this year’s recipients, seven companies also received funding last year: Aurora Spine, Bone Biologics, Medicrea, Ortho Kinematics, Nanovis, SI-BONE and Tyber Medical. The majority of 2016 investments came in from venture firms, though Johnson & Johnson, Medtronic, Musculoskeletal Transplant Foundation and Orthofix also backed certain financing deals. Similar to recent years, the spine market was the largest target for funding. Below, we recap the companies that secured funding of $10 million or more in 2016.


 


We continue to hear that funding is difficult to obtain for pre-revenue companies.
What are you experiencing? Let us know in the comment box, below.


Benvenue Medical
completed a $60 million financing round, derived from $23 million in equity and $37 million in debt. Proceeds will support U.S. commercialization of the Luna® 3D Interbody Fusion System for treating degenerative disc disease and the Kiva® Vertebral Compression Fracture Treatment System. Benvenue’s equity financing was provided by six venture firms.

BONESUPPORT raised SEK 327MM (~US $37MM). Funds will support clinical data collection, product pipeline development and expansion of CERAMENT sales in existing and new markets. The funds will be used to drive sales of CERAMENT BVF, CERAMENT G and CERAMENT V in existing and new markets, generate further clinical data to highlight the compelling benefits of current CERAMENT products and to conduct the FORTIFY study to support a planned PMA filing in the U.S. for CERAMENT G.

CartiHeal completed a US $15MM financing round. Funds will support ongoing manufacturing scale-up, EU product commercialization in 2017 and clinical studies in new therapeutic areas for Agili-C™ cartilage regeneration technology.

Cerapedics completed a US $11MM Series D financing to support expanded commercialization of i-FACTOR™ Peptide Enhanced Bone Graft.

Histogenics closed its previously-announced US $30.0MM private placement. Funds will support development of NeoCart® novel cartilage repair therapy, including completion of the ongoing Phase III clinical trial. Enrollment in the Phase III clinical trial should complete in 2Q17, with topline data on its 1-year primary efficacy endpoint available by mid-2018.

Intellijoint Surgical secured US $11.0MM in Series A Financing. Funds will support expanded U.S. launch of the intellijoint HIP® mini-optical navigation tool.

Medicrea entered into agreements to raise €20MM (~US $22.4MM) to support commercialization of UNiD™ Patient-Specific Rods in the U.S. and new ex-U.S. markets. After its EU launch in 2Q14, the UNiD plaform received FDA 510(k) clearance in 4Q14, and was reportedly the 1st patient-specific spinal osteosynthesis rod to receive such clearance. A patient-specific cervical version was FDA-cleared in 2Q16.

Regentis Biomaterials closed a US $15MM Series D investment round. Funds will primarily support a pivotal U.S. clinical trial of GelrinC®, a cell-free implant for the treatment of articular knee cartilage injuries.

Relievant Medsystems secured US $36MM in equity financing. Proceeds will support clinical studies, portfolio expansion and commercialization of the INTRACEPT® Intraosseous Nerve Ablation System. Relievant has developed INTRACEPT® Intraosseous Nerve Ablation System to treat chronic low back pain. The system received FDA 510(k) clearance in 3Q16. 

Rotation Medical completed a US $12MM Series B extension financing. Proceeds will support U.S. commercialization of its rotator cuff repair system, comprising a proprietary bioinductive implant and disposable instruments.

SI-BONE closed a $20 million round of growth capital financing, led by new investor Arboretum Ventures, with participation from all of SI-BONE’s existing major investors. Proceeds will support expansion of U.S. sales, following recent decisions to cover MIS SI joint fusion by Blue Cross Blue Shield of Michigan, Geisinger Health Plan in Pennsylvania and First Coast Service Options in Florida. Additionally, proceeds will support R&D for new products to treat the SI joint.

Spineart secured a €30MM (~US $33MM) investment. Proceeds will support sales, geographical expansion in markets such as the U.S. and Europe and product development.

Spine Wave closed a US $11MM round of new financing. Proceeds will fund the company’s largest product portfolio expansion to date.

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