Interventional Spine, that has developed spinal implants that can be delivered percutaneously, raised $1.6 million by issuing debt. Here are the details:
Industry: Medical devices
Location:Irvine, California
Solution/Product:The company makes several products for U.S. and overseas markets. Its most recent product is the FDA cleared PerX360 system that makes it possible to have a spinal fusion via two incisions that are less than 15 mm each. The procedure can be performed in 30 minutes.
Money Raised: $1.6 million out of a targeted $4 million
How it will be used: A call to the company’s CEO wasn’t immediately returned.
Investors: Investor information from the current round is unavailable, but these firms are represented on the company’s board – Rock Creek Capital, Wexford Capital LLC, HBM Partners.
Management team: Walter Cuevas, CEO; Jane Metcalf, VP of Quality, Clinical and Regualtory; Chris Warren, Director of R&D
Market: U.S. Sales of instrumented spinal fusion market and posterior dynamic stabilization procedures will rise to $2.79 billion in 2016, up from $2.40 billion in 2011., according to MedTech Insights.
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By Arundhati Parmar
Arundhati Parmar is the Medical Devices Reporter at MedCity News. She has covered medical technology since 2008 and specialized in business journalism since 2001. Parmar has three degrees from three continents - a Bachelor of Arts in English from Jadavpur University, Kolkata, India; a Masters in English Literature from the University of Sydney, Australia and a Masters in Journalism from Northwestern University in Chicago. She has sworn never to enter a classroom again.More posts by Author
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