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
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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.
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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.