Funding to build on significant commercial momentum in 2020 following the release of 5-year data demonstrating the long-term clinical benefit of the Intracept process
MINNEAPOLIS, Oct. 29, 2020 (GLOBE NEWSWIRE) – Relievant Medsystems, a privately held medical technology company transforming the treatment of chronic low back pain (CLBP), today announced that it has closed a $ 70 million equity financing. The round was led by the new investor Vensana Capital together with Lightstone Ventures with the participation of the existing investors Endeavor Vision, New Enterprise Associates, Morgenthaler Ventures and Canaan Partners.
“This oversubscribed round of funding is a great show of confidence in our team, our product and our mission to change the treatment paradigm for CLBP,” said Art Taylor, President and CEO of Relievant Medsystems. “2020 will be a record year for Relievant and the commercialization of the Intracept process. With the recent release of our 5-year data showing sustained improvements in pain and function, we expect even greater adoption in 2021 as more doctors than Intracept We are very excited about this strong financial support to drive this rapid commercial growth and to make this much-needed treatment available to more patients and doctors. “
Chronic low back pain is a widespread and often debilitating condition that affects nearly 30 million people in the United States, with over 70 percent not getting adequate relief with conservative treatment and not being candidates for surgery. Until recently, the intervertebral discs were thought to be the primary source of pain known as discogenic pain in most patients with CLBP. Relievant’s Intracept procedure is a minimally invasive treatment based on groundbreaking anatomical research that has shown that many of these patients actually experience vertebrogenic pain – pain that originates from the vertebral endplates and is transmitted through the basivertebralis nerve. The Intracept procedure is supported by two randomized controlled clinical trials of level I and long-term data showing an improvement in pain and function for more than 5 years after the procedure. It is estimated that over five million CLBP patients in the United States have vertebral pain and are candidates for the Intracept procedure.
As part of the funding, Justin Klein, MD, JD, Co-Founder and Managing Partner at Vensana Capital, will join Relievant’s board of directors.
“The Relievant team has developed a category-defining medical procedure that really has the potential to transform the way we treat CLBP,” said Justin Klein. “The Intracept procedure is a safe, patient-friendly treatment that has found favor with leading doctors in the field and has been shown in well-conducted clinical studies to significantly reduce pain and disability after more than five years. With the millions of patients in the United States suffering from chronic axial lower back pain indicated for Relievant’s Intracept procedure, we believe Intracept is a prime example of medical technology innovation and also has a positive impact on our ongoing opioid epidemic Country can affect. “
About Relievant Med systems
Relievant Medsystems is a privately held medical technology company that is revolutionizing the treatment of chronic low back pain (CLBP) with the Intracept procedure – a novel, clinically proven, and commercially available treatment designed to improve the quality of life for millions of people suffering from CLBP due to a degenerative disc disease with Modic’s changes, a biomarker that indicates that their pain is vertebral in origin. Learn more at www.relievant.com.
About Vensana capital city
Vensana Capital is a venture capital and growth investment company dedicated to working with entrepreneurs who want to transform healthcare with breakthrough innovations in medical technology. Founded in 2019, Vensana actively invests in late development and commercial stage companies across the medical device sector, including medical devices, diagnostics, drug delivery, digital health and technology-enabled services. Vensana’s investment team has long worked successfully with management teams behind industry leaders such as Cameron Health, CardiAQ, Cartiva, CV Ingenuity, Epix Therapeutics, Intact Vascular, Lutonix, Neuwave Medical, Sequent Medical, Topera, Ulthera and VertiFlex.
Learn more at www.vensanacap.com.
About Lightstone Ventures
Lightstone Ventures is a leading venture capital firm investing in therapeutic companies across the life science spectrum, from breakthrough medical devices to novel drugs and biopharmaceuticals. Founded in 2012, Lightstone has been involved in many successful new businesses from inception to commercialization and has been instrumental in leading and building successful healthcare companies. With a proven strategy and global presence, the Lightstone team has been involved in several of the largest venture capital financed life science exits over the past decade, including: ALX Oncology, Acceleron, Ardian, Calithera, Claret Medical, Disarm, MicroVention, Nimbus, Plexxikon , Portola, Promedior, Proteolix, Ra Pharma, Tizona, Twelve and Zeltiq. Learn more at www.lightstonevc.com
About Endeavor Vision
Endeavor Vision is a leading private equity firm investing in high-growth medical device and digital health companies. We invest in medical innovations that offer superior clinical benefits to patients or make healthcare systems significantly more efficient. Our team offers strategic and operational expertise, extensive international experience and a proven track record of successful exits. Endeavor Vision’s offices are located in Geneva, Switzerland and Minneapolis, USA. Learn more at www.endeavourvision.com.