Spine repair technologies company, Benvenue Medical, Inc., a past visitor to our pages, has completed a $60 million round of financing which it says will accelerate U.S. commercialization activities for its Luna® 3D Interbody Fusion System for treating degenerative disc disease and Kiva® VCF Treatment System for treating vertebral compression fractures (VCFs).
Benvenue’s Luna 3D Interbody Fusion System, is designed to provide the most minimal of minimally invasive approach to lumbar spinal fusion while providing spine surgeons control and flexibility in implantation, says the company. Cleared by the U.S. FDA in November 2014, the Luna 3D System features a small profile PEEK implant designed to expand in three dimensions within the disc space, allowing surgeons to restore height via a posterior approach while providing the stability of a larger construct more often associated with an anterior approach.
Cleared by the FDA in January 2014, the Kiva VCF Treatment System is a cylindrical implant for spinal fractures. It was proven in a randomized, controlled study published in Spine to restore kyphotic angle and reduce the rate of adjacent level fractures vs. balloon kyphoplasty – with added economic benefits. It uses expandable spinal implant technology to create a predictable structural support for the vertebral body and a reservoir to direct and contain bone cement.
The newly completed financing round is a combination of $23 million in equity supplemented with $37 million in debt. The equity financing was provided by DeNovo Ventures, Domain Associates, Esquilime Partners, InterWest Partners, Technology Partners and Versant Ventures. CRG is the sole debt provider and also participated in the equity financing. Donald Milder, co-founder and managing director of Versant Ventures, will join Benvenue Medical’s Board of Directors.
“We welcome Donald Milder as a board member, and we’re thankful for the support from our existing investors and CRG,” said Robert K. Weigle, CEO of Benvenue Medical. “We believe the large investment in our company is due to the tremendous physician interest in our products and Luna in particular as an important advancement in minimally invasive spinal fusion.”
Source: Benvenue Medical, Inc.