Intrinsic Therapeutics, Inc., a Boston, MA-based medical device company that has developed a product to improve outcomes in lumbar discectomy patients, closed a $49m financing round.
The financing included:
– a $28m equity round co-led by New Enterprise Associates (NEA) and Delos Capital, with participation from Greenspring Associates, Quadrille Capital and a corporate strategic investor. and
– a $21m debt facility with CRG.
In conjunction with the funding, Jeani Delagardelle, joined Intrinsic’s Board representing Delos.
Led by Cary Hagan, President and Chief Executive Officer, Intrinsic is advancing the Barricaid Anular Closure Device, which is designed to prevent repeat herniation in patients undergoing lumbar discectomy surgery to treat sciatic pain caused by a herniated disc.
In December 2016, the company filed a Pre-Market Application (PMA) with FDA for approval in the United States. This filing is based on the outcomes of a two-year, multi-center, prospective randomized superiority trial of 554 subjects at the greatest risk of reherniation and reoperation.
The company is using the funds to continue its development efforts.