MIS Spine company Benvenue Medical, Inc., tells us it has completed a $64 million round of financing, the proceeds of which it intends to use to build its US commercial presence, scale up manufacturing, increase administrative functions to support overall corporate growth and provide working capital to fund growth in operating activities.
Background
We’ve covered Benvenue’s products before on our pages, most recently when the company announced the full commercial launch of its Kiva Vertebral compression fracture solution in March of this year.
Founded in 2004, Benvenue Medical, Inc. develops next-generation, minimally invasive expandable implants for the spine. Its first three products are designed for the treatment of vertebral compression fractures (VCF) and degenerative disc disease, which have combined revenues of $9 billion globally:
- Kiva® VCF Treatment System provides a new implant-based approach to vertebral augmentation in the treatment of painful VCFs. Kiva was recently launched in the U.S. and it is commercially available in Europe. Kiva has been shown, in at least three comparative studies with a total of more than 500 patients, to meet or exceed the performance of balloon kyphoplasty, the standard of care. Kiva is indicated for the reduction and treatment of spine fractures in the thoracic and/or lumbar spine from T6-L5. It is intended to be used in combination with the Benvenue Vertebral Augmentation Cement Kit.
- Blazer®- C Vertebral Augmentation System is used by physicians to create channels within the vertebral body for bone cement delivery. The Blazer-C System is indicated for the treatment of pathological compression fractures of the vertebral body that may result from osteoporosis, benign lesions, malignant lesions, by creating channels in the existing spinal bone structure for the flow of polymethylmethacrylate bone cement (PMMA).
- Luna® Interbody System is used in minimally invasive spinal fusion procedures for degenerative disc disease and incorporates Benvenue Medical’s proprietary implant technology. It has received the CE Mark. It is not currently available in the U.S.
The financing is a combination of $40 million in Series E equity supplemented with $24 million in debt.
For more information, visit www.benvenuemedical.com.
published: June 19, 2014 in: Company News, Financial, Spine