Vertos Medical’s $23 Million Series E Highlights Minimally Invasive Trend In Spine Surgery

Article preview from Medtech Insight - August 2013

A $23 million Series E financing round that closed in June will allow Vertos Medical Inc. to further expand commercialization of its minimally invasive mild  procedure for patients with lumbar spinal stenosis.

 

Vertos Medical’s $23 Million Series E Highlights Minimally Invasive Trend In Spine Surgery

Article preview from Medtech Insight - August 2013

A Series E financing round in the amount of $23 million that closed June 17 will allow Vertos Medical Inc. to further expand commercialization of its minimally invasive mild procedure for patients with lumbar spinal stenosis. The outpatient mild procedure is performed under fluoroscopy and removes excessive ligament tissue (hypertrophic ligamentum flavum) between the vertebrae that causes pain and reduced mobility. Once the tissue is removed, space in the spinal canal is restored and thus reduces nerve compression.

The new capital adds to the previously raised $42 million by the Aliso Viejo, CA-based company, bringing the total raised to date to $65 million.

The mild device kit received 510(k) clearance in 2008. “We performed about 100 cases that first year, and to date have treated about 15,000 patients,” says James Corbett, Vertos president and CEO. “During the ensuing years, we have been establishing extensive foundational clinical evidence.”

The device was granted the CE mark in December 2012 and the first commercial sale in Europe occurred in Switzerland this past July. “Switzerland is one of many European countries that we believe offer ready commercial access; the others being Germany, Belgium, Holland, the United Kingdom, Italy, and the Scandinavian countries,” Corbett notes.

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