Vertos Medical – a leader in the development of innovative, minimally invasive treatments for lumbar spinal stenosis (LSS) – recently announced that it has raised $26 million in an oversubscribed Series C equity funding round. The financing was led by new investor Norwest Venture Partners with participation from existing investors including Pitango Venture Capital.
Along with expanding patient access to the mild Procedure, the funding will support research and development efforts aimed at advancing care for patients with chronic low back pain. And by investing in these critical areas, Vertos is poised to make a meaningful impact in the lives of patients suffering from LSS and chronic low back pain.
The company is experiencing a significant increase in demand for its groundbreaking procedure and more than 70,000 patients have been treated in the United States.
Dr. Zack Scott, General Partner at Norwest Venture Partners – who will join Vertos’ Board of Directors. And Dr. Scott has extensive experience helping successful medical technology companies scale such as Cianna Medical, Coherex Medical, Evidation Health, Providence Medical Technology, Respicardia, Spiration, and Syapse.
KEY QUOTES:
“We are thrilled to have Norwest join our investor group. Their proven track record of driving success in commercial-stage companies makes them an invaluable asset to our team. With their support, we are confident in our ability to accelerate our commercial expansion and achieve our goal of making the mild Procedure accessible to every patient suffering from LSS in the United States.”
— Eric Wichems, President and CEO of Vertos Medical
“Lumbar spinal stenosis impacts one in five Americans over the age of 60 and Vertos’ procedure can help restore mobility and greatly improve the quality of life for these patients. Vertos directly aligns with our goal of partnering with companies that are focused on making a meaningful impact on patient outcomes and improving the healthcare system for all stakeholders. We look forward to working with the Vertos team as they continue their mission to help patients suffering from chronic low back pain reclaim their quality of life.”
— Dr. Scott, General Partner at Norwest Venture Partners
