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
A Personalized Approach to Medication Nonadherence
At the Abarca Forward conference earlier this year, George Van Antwerp, managing director at Deloitte, discussed how social determinants of health and a personalized member experience can improve medication adherence and health outcomes.
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.
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.
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.
