Benvenue Gets $64 Million Boost for Spine Repair Device Launch
By Lori Clapper
Benvenue Medical, a developer of minimally invasive solutions for spine repair, has raised $64 million to build its U.S. commercial presence and scale up manufacturing of its spinal implant, as well as fund overall corporate growth activities.
The financing is a combination of $40 million in Series E equity supplemented with $24 million in debt. The Series E equity financing was led by new investor InterWest Partners, with all existing major investors participating. Silicon Valley Bank was the sole debt provider, according to a Benvenue announcement.
Under the leadership of CEO Robert Weigle, Benvenue has raised a total of $85.5 million since the company was founded, the Silicon Valley Business Journal reported.
“We welcome new investor InterWest Partners, and we’re gratified by the continued support from our existing investors and Silicon Valley Bank, who has been our long-standing banking partner, Weigle said.
The medical device maker entered the spine device market with three minimally invasive products to treat degenerative disc disease, including:
- Kiva VCF Treatment System to provide implant-based approach to vertebral augmentation for painful VCFs.
- Blazer- C Vertebral Augmentation System, which is used by physicians to create channels within the vertebral body for bone cement delivery.
- Luna Interbody System, which incorporates Benvenue Medical’s proprietary implant technology, is used in minimally invasive spinal fusion procedures for degenerative disc disease.
Weigle added that they believe the large investment in Ben Venue is due to the successful U.S. launch of Kiva, as well as Luna’s CE mark and its upcoming FDA submission.