Vertiflex, Inc., a Carlsbad, CA-based developer of minimally invasive interventions for spinal stenosis, completed a $40m financing round.
The round was led by new investors Endeavour Vision and H.I.G. BioHealth Partners with participation from existing investors New Enterprise Associates; Thomas, McNerney & Partners; and Alta Partners.
The company intends to use the funds for the U.S. commercial expansion of its Superion® Indirect Decompression System.
Led by Earl Fender, President and CEO, Vertiflex is advancing Superion® Indirect Decompression System, a minimally invasive spinal implant designed to treat moderate lumbar spinal stenosis, a debilitating condition that affects an estimated 500,000 new patients every year in the United States.
Once implanted, Superion is intended to reduce pressure on the affected nerves and allow patients to return to a more active lifestyle. Following completion of a 391 patient randomized controlled trial, the system received Premarket Approval (PMA) from the U.S. Food and Drug Administration (FDA). Starting January 2017, the system is described by a new American Medical Association (AMA) Current Procedural Terminology (CPT) Category I code.