Cervical spinal device specialist, Providence Medical Technology, Inc., says the closing of $12 million in new financing for the company will enable it to further commercialize and expand its portfolio of DTRAX® cervical fusion products designed to help patients suffering from cervical degenerative disc disease.
Providence Medical Technology is an innovator in tissue-sparing cervical spine technology, addressing a market it estimates to be worth $1Bn worldwide. The company is focused on commercializing the DTRAX® platform of single-use, tissue-sparing implants and instruments for cervical fusion, as well as other technologies that improve cervical spine procedures for both physicians and patients.
The new financing of $12 million includes equity participation from existing investors Stanmore Medical Investments, Aphelion Capital and other existing private investors, and the establishment of a new debt facility with Silicon Valley Bank.
The company has also announced the appointment of experienced device man Jason Hoffman as Vice President of Global Sales to lead its expanded domestic and international commercialization efforts.
“We are expanding our portfolio of cervical fusion products to address the majority of cervical pathologies requiring surgery,” said Providence Chief Executive Officer Jeff Smith. “Our focus is on differentiated, tissue-sparing devices and instruments that are designed to improve clinical outcomes, minimize complications, increase procedural efficiency, and reduce recovery times. With our new financing, we can accelerate our research and development activities to broaden our innovative product portfolio and further scale our global sales and marketing capabilities.”
Source: Providence Medical Technology, Inc.