Relievant Medsystems – a company dedicated to transforming the diagnosis and treatment of vertebrogenic pain, a type of chronic low back pain (CLBP) – announced that it has completed the closing of its $50 million Series G financing. The funding was led by new investor Ally Bridge Group with participation from existing investors Endeavour Vision, Vensana Capital, Lightstone Ventures, New Enterprise Associates, Canaan Partners, and Morgenthaler Ventures.
There are 30 million people in the U.S. with chronic low back pain and 1 in 6 are likely to have vertebrogenic pain, which is a distinct type of chronic low back pain caused by damage to vertebral endplates, the interface between the disc and the vertebral body. The patients who typically have pain in the middle of their low back, which worsens when they bend over, sit for long periods of time, or when they are active. A physician is able to confirm a patient’s pain is vertebrogenic by observing Modic changes, a biomarker seen on standard MRI that indicates inflammation at the vertebral endplate.
Relievant Medsystems’ minimally invasive Intracept Procedure is known as the only FDA-cleared treatment for chronic vertebrogenic low back pain, using targeted radiofrequency energy for stopping the basivertebral nerve (BVN) from transmitting pain signals to the brain. And the procedure is typically performed in an outpatient surgery center and takes about 1 hour. And based on existing data, patients usually experience minimal post-procedure pain and generally quick recovery times. Patients often feel pain relief within 2 weeks of being treated with the Intracept Procedure.
KEY QUOTES:
“This substantial additional funding allows us to further accelerate our efforts to transform the diagnosis and treatment of vertebrogenic pain. We are thrilled to see strong support from Ally Bridge Group and existing investors in this oversubscribed round as we expand Intracept adoption and make this treatment available to more patients and physicians.”
— Tyler Binney, President and CEO of Relievant Medsystems
“We are pleased to join the investor syndicate supporting Relievant. We have been impressed by the company’s novel and clinically proven technology and accelerating commercial traction and adoption. We are excited to partner with the company on its journey to provide relief for the millions of patients in the U.S. suffering from chronic low back pain indicated for Relievant’s Intracept Procedure.”
— Kevin Reilly, a Managing Director at Ally Bridge Group
