PainTEQ: Funding Raised To Advance Minimally Invasive SI Joint Solutions

By Amit Chowdhry • Today at 8:35 AM

PainTEQ, a leading developer of minimally invasive treatments for sacroiliac (SI) joint dysfunction, announced a majority growth recapitalization co-led by Signet Healthcare Partners and Windham Capital Partners, two U.S.-based healthcare investment firms with a combined track record of nearly 50 years in scaling medical technology companies. The deal also includes a new equity investment from MVolution Partners, further strengthening PainTEQ’s financial foundation.

The strategic investment will be used to accelerate PainTEQ’s next phase of growth, with capital earmarked for:

  1. Prospective clinical studies to expand the evidence base supporting its SI joint therapies
  2. Development of next-generation products, enhancing its minimally invasive portfolio
  3. Expansion of U.S. commercial operations, increasing market penetration and provider adoption

PainTEQ’s flagship product, LinQ, is a proprietary, allograft-based SI joint implant designed for drill-less, posterior delivery. The procedure is performed through a minimally invasive approach, offering a streamlined alternative to traditional fusion techniques. LinQ has already been used in over 14,000 procedures and is backed by multiple peer-reviewed studies, including the SECURE trial, which demonstrated significant improvements in pain relief, functional outcomes, and safety.

Under the leadership of CEO Shanth Thiyagalingam, PainTEQ has built a reputation for operational excellence and commercial discipline. Thiyagalingam brings over 20 years of interventional experience, having held senior roles at industry giants such as Abbott, Nevro, and Stryker. His strategic vision and deep expertise in scaling medtech platforms position PainTEQ to capitalize on the growing demand for SI joint solutions.

The recapitalization marks a pivotal moment for PainTEQ as it transitions from a high-growth innovator to a nationally scaled provider of SI joint therapies. With fresh capital and seasoned investment partners, the company is well-positioned to expand clinical adoption, drive innovation, and improve outcomes for patients suffering from chronic SI joint pain.

Advisors/counsel: Raymond James served as financial advisor to PainTEQ. Legal counsel included Hill Ward Henderson; Bass, Berry & Sims; Sheppard, Mullin, Richter & Hampton; and Knobbe Martens.

KEY QUOTES:

“Partnering with experienced institutional healthcare investors at Signet and Windham marks an exciting chapter for PainTEQ. With a strengthened balance sheet and new committed ownership group, we are well positioned to deliver innovative solutions for patients suffering from SI joint dysfunction and to continue building a category-leading interventional platform. We are grateful to the founding team and prior owners for laying the groundwork that enables this next phase of company growth.”

Shanth Thiyagalingam

“This investment validates SI joint fusion as a critical treatment pathway. It will accelerate innovation and advance research, expanding treatment options in interventional spine care and making this procedure a long-term standard of care.”

Dr. Dawood Sayed, Professor and Division Chief of Pain Medicine at the University of Kansas Medical Center and Vice Chair and Co-Founder of the American Society of Pain and Neuroscience (ASPN)

“We were compelled to invest in a future that delivers safer, more effective solutions for physicians and patients. PainTEQ’s innovative, minimally invasive technology and strong leadership are exactly what the interventional spine care market needs.”

David Kereiakes, Managing Partner at Windham Capital Partners

“We are delighted to partner with Shanth and the PainTEQ team to leverage the company’s leadership position in SI joint treatment. With additional investment in clinical studies and pipeline products, we believe PainTEQ is well-positioned to become a leading multi-product interventional spine platform.”

Ashley Friedman, Managing Director at Signet Healthcare Partners