Spine tech startup Benvenue Medical has secured a $40 million Series E, plus $24 million in debt financing, to further commercialization efforts in the States, upscale manufacturing and support growth. The Santa Clara, California-based company launched its Kiva VCF in March.
Back then, CEO Robert Weigle said the company was “blessed to be fully funded to the point where we don’t need to raise money ever again,” foreshadowing today’s announcement. Benvenue Medical is 10 years old.
Behavioral Health, Interoperability and eConsent: Meeting the Demands of CMS Final Rule Compliance
In a webinar on April 16 at 1pm ET, Aneesh Chopra will moderate a discussion with executives from DocuSign, Velatura, and behavioral health providers on eConsent, health information exchange and compliance with the CMS Final Rule on interoperability.
InterWest Partners led the round, and general partner Dr. Gil Kliman was appointed to Benvenue’s board. Other investors include DeNovo Ventures, Domain Associates, Technology Partners and Versant Ventures. Silicon Valley Bank was the sole debt provider.
“We’re happy to be a part of the significant positive momentum that clearly shows how well-positioned the company is for considerable commercial success in the global spine market,” Kliman said in a press release.
Benvenue plans to tap the spinal market with treatments for degenerative disc disease and vertebral compression fractures (VCF). The Kiva VCF is a competitor poised to compete with the standard of care — balloon kyphoplasty.
It’s likely the data presented at Society for Interventional Radiology (SIR) Annual Scientific Meeting helped the company meet this major milestone: Compared to balloon kyphoplasty, Kiva VCF “patients were less likely to suffer a fracture in adjacent vertebra. This latter finding is despite the fact that the 153 patients who received the implant had higher risk predictors for future fractures.” (See how it works in the video above.)
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
The company’s next implant — the Luna treatment system — treats degenerative disc disease. It already has a CE Mark, and the company plans to submit it for FDA approval this year.
To read more about the Kiva VCF and Benvenue Medical, click here.
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