Relievant Medsystems Inks $30 Million Series D Financing
3/28/2012 7:42:15 AM
REDWOOD CITY, Calif., March 28, 2012 /PRNewswire/ -- Relievant Medsystems, Inc., a privately held medical device company pioneering the therapeutic use of basivertebral nerve ablation for the treatment of chronic axial low back pain, announced today that it has secured $30 million in a Series D equity financing to advance and expand the Company's worldwide clinical development programs. New Enterprise Associates (NEA) led the financing with participation from existing venture capital investors Canaan Partners, Emergent Medical Partners, Morgenthaler Ventures, and ONSET Ventures.
"NEA brings deep domain experience in healthcare, a track record of successful investments in innovation and global strength in emerging markets. We are fortunate to have NEA and specifically, Dr. Justin Klein, who joins Relievant's Board of Directors, as our partner and investor." said Alex DiNello, CEO and President of Relievant. "Proceeds from this financing will enable Relievant to accelerate execution of our landmark SMART Clinical Trial and to conduct additional clinical studies for the Intracept Ablation System. These studies are key drivers for our plan to continue advancing the utility of basivertebral nerve ablation for isolated axial low back pain and to successfully commercialize Intracept worldwide."
"NEA is excited to partner with the Relievant founders and management team because of their effort to bring a game-changing technology to the millions of people who suffer from chronic axial low back pain," said NEA Partner Justin Klein, M.D. "Relievant's early clinical results indicate that Intracept has the potential to be a highly effective, durable, safe, and minimally invasive procedure to address a multi-billion dollar market. As important, we believe the Company's dedication to demonstrating the benefits of Intracept through a rigorous, randomized controlled trialworking in close partnership with its clinical advisors and the FDAis exactly the right approach to providing a therapy that addresses the needs of patients, spine surgeons and interventionalists, and payors."
Chronic low back pain impacts nearly one-third of the U.S. population and represents the largest and most expensive non-lethal condition in the healthcare system. Every year, approximately 12 million new patients seek treatment for back pain. Unfortunately, nearly two million of these patients fail to respond to conservative therapies and then face limited additional options, including escalating use of narcotic pain medications, invasive surgical procedures (including fusions) or continued suffering. Relievant's Intracept procedure may be a viable treatment alternative for patients who suffer from chronic low back pain but no longer respond to conservative therapies.
About the SMART Clinical Trial
Relievant is sponsoring the Surgical Multi-center Assessment of RF Ablation for the Treatment of Vertebrogenic Back Pain (SMART) Trial. The SMART trial is a Level 1, prospective, randomized, double-blind, sham-controlled clinical study evaluating the reduction of pain in patients with chronic axial low back pain. The landmark SMART trial is enrolling 200 patients in leading medical centers to determine the safety and effectiveness of the Intracept procedure. For additional information, visit www.smartclinicalstudy.com.
About Relievant Medsystems
Relievant Medsystems is a privately held medical device company based in Redwood City, California. Its Intracept System is a minimally invasive procedure that uses radiofrequency energy delivered via percutaneous access into the vertebral body of the spine to ablate the basivertebral nerve. This nerve, thought to significantly contribute to the disability and pain associated with chronic low back pain, can no longer generate pain signals following ablation. Relievant's primary investors include Canaan Partners, Emergent Ventures, Morgenthaler Ventures, New Enterprise Associates, and ONSET Ventures. For additional information, visit www.relievant.com.
New Enterprise Associates, Inc. (NEA) is a leading venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With approximately $11 billion in committed capital, NEA invests in information technology, healthcare and energy technology companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 170 portfolio company IPOs and more than 280 acquisitions. In the U.S., NEA has offices in the Washington, D.C. metropolitan area; Menlo Park, California; and New York City. In addition, New Enterprise Associates (India) Pvt. Ltd. has offices in Bangalore and Mumbai, India and New Enterprise Associates (Beijing), Ltd. has offices in Beijing and Shanghai, China. For additional information, visit www.nea.com.
SOURCE Relievant Medsystems, Inc.