Benvenue Medical Secures $60 Million Financing
Spine Company to Accelerate Commercialization of Luna® 3D Interbody Fusion System and Kiva® VCF Treatment System
SANTA CLARA, Calif., Jan. 6, 2016 – Benvenue Medical, Inc., a developer of minimally invasive solutions for spine repair, announced it completed a $60 million round of financing. The spine company intends to use the proceeds to accelerate U.S. commercialization activities for its two innovative minimally invasive products – the Luna® 3D Interbody Fusion System for treating degenerative disc disease and the Kiva® VCF Treatment System for treating vertebral compression fractures (VCFs).
The financing is a combination of $23 million in equity supplemented with $37 million in debt. The equity financing was provided by DeNovo Ventures, Domain Associates, Esquilime Partners, InterWest Partners, Technology Partners and Versant Ventures. CRG is the sole debt provider and also participated in the equity financing. Donald Milder, co-founder and managing director of Versant Ventures, will join Benvenue Medical's Board of Directors.
"We welcome Donald Milder as a board member, and we're thankful for the support from our existing investors and CRG," said Robert K. Weigle, CEO of Benvenue Medical. "We believe the large investment in our company is due to the tremendous physician interest in our products and Luna in particular as an important advancement in minimally invasive spinal fusion."
"I am impressed by the significant improvements the company's expandable products, Luna and Kiva, offer over the traditional treatments for degenerative disc disease and vertebral compression fractures," said Milder. "We are pleased to participate in this new infusion of capital to help carry the company to the next level of growth and commercial success."
Benvenue's newest product, the Luna 3D Interbody Fusion System, is designed to provide the least minimally invasive approach to lumbar spinal fusion while providing spine surgeons control and flexibility in implantation. Cleared by the U.S. Food and Drug Administration in November 2014, the Luna 3D System features a small profile PEEK implant designed to expand in three dimensions within the disc space, allowing surgeons to restore height via a posterior approach while providing the stability of a larger construct more often associated with an anterior approach.
Cleared by the FDA in January 2014, the Kiva VCF Treatment System is a cylindrical implant for spinal fractures. It was proven in a randomized, controlled study published in Spine to restore kyphotic angle and reduce the rate of adjacent level fractures vs. balloon kyphoplasty – with added economic benefits. It uses expandable spinal implant technology to create a predictable structural support for the vertebral body and a reservoir to direct and contain bone cement.
About Benvenue Medical, Inc.
Founded in 2004, Benvenue Medical, Inc. provides next generation minimally invasive systems for spine repair that combine expandable implants with novel delivery instruments to provide enduring functional benefits for patients. The company is privately held and funded by InterWest Partners, Versant Ventures, DeNovo Ventures, Domain Associates, Esquilime Partners and Technology Partners. Its first products are designed for the treatment of vertebral compression fractures and degenerative disc disease, which have combined revenues of $9 billion globally. For more information, visit www.benvenuemedical.com.