Providence Medical Technology, Inc., a Lafayette, CA-based medical device company advancing tissue-sparing cervical spine technology, closed a $12 million new financing round.
Backers included existing investors Stanmore Medical Investments, Aphelion Capital and other existing private investors. Silicon Valley Bank provided a new debt facility.
The company intends to use the funds to further commercialize and expand its portfolio of DTRAX® cervical fusion products designed to help patients suffering from cervical degenerative disc disease.
Led by Chief Executive Officer Jeff Smith and newly appointed Vice President of Global Sales Jason Hoffman, Providence develops innovative solutions addressing the $1 billion worldwide cervical spine market. The company is focused on commercializing the DTRAX® platform of single-use, tissue-sparing implants and instruments for cervical fusion, as well as other technologies that improve cervical spine procedures for both physicians and patients.