Simplify Medical Pty Ltd, the maker of the Simplify® cervical artificial disc, received the second tranche of its Series B financing of $23.25m, completing the oversubscribed round totaling $44.25m.
The lead investor for the second tranche is LSP Health Economics Fund 2 (LSP HEF 2), with participation from existing venture investors LSP Fund V, MH Carnegie & Co., and Sectoral Asset Management.
Series B funds will be used to complete two ongoing U.S. pivotal clinical trials of the Simplify Disc studying its use in one level of the spine and in two adjacent levels of the spine as a treatment for cervical degenerative disc disease, and for commercialization outside of the U.S.
Led by Chief Executive Officer David Hovda, Simplify Medical id advancing the Simplify Disc, which, composed of primarily non-metal materials (PEEK-on-ceramic), is designed to be viewed on MRI in order to minimize patient exposure to radiation. With no metal in its articulating components, the disc is also designed for low levels of wear to optimize long-term durability. The disc is also anatomically designed with low height implant options to accommodate patients with smaller cervical disc spaces, making it ideal for women and certain regional populations.
The device is considered MRI-conditional, posing no known hazard in an MRI environment within prescribed conditions of use.
Two U.S. pivotal trials are currently enrolling.
The Simplify Disc has received the CE Mark and is commercially available in select European markets. Early clinical data has shown substantial improvement in patient pain scores and functional improvement after treatment.