Providence Medical Technology, Inc., a Pleasanton, CA-based innovator in tissue-sparing surgical equipment and implants for cervical spine fusion surgery, closed a $25m in equity financing.
The round was led by Revelation Partners with participation from BMO Global Asset Management (EMEA), MVM Life Science Partners, Medvest Capital, and Aphelion Capital. Inclusive of this new investment, Providence has raised a total of $53m in equity financing since 2008.
The company intends to use the funds to accelerate commercial expansion and clinical development of its DTRAX® line of cervical fusion instruments designed to treat patients suffering from advanced cervical spine conditions.
Led by Jeff Smith, CEO, Providence Medical Technology is a medical device company focused on innovative surgical solutions for cervical spine surgery. The company has pioneered a proprietary approach to posterior cervical fusion and has developed surgical instrumentation and implants including the DTRAX® Spinal Instrumentation System, CAVUX® intervertebral implants, ALLY® bone and facet screws, and ENTRUS™ Allograft Bone. All products are sterile-packaged and single-use.
The company’s flagship DTRAX Spinal System – a set of surgical instruments indicated for performing posterior cervical fusion in patients with cervical degenerative disc disease – was recently cleared by the FDA and has been approved at over 1,800 hospitals in the United States.