WALNUT CREEK, Calif., Dec. 19, 2016 /PRNewswire/
-- Providence Medical Technology, Inc., an innovator in tissue-sparing,
cervical-fusion technology, today announced the closing of $10.5 million in
new equity financing for the company. The proceeds will be used to
further commercialize and expand its portfolio of cervical-fusion technology.
Providence's family of cervical-fusion products now
includes DTRAX® Spinal Systems, CAVUX™ Cervical Cages, ALLY™ ScrewSystems, and BIOLOGIX™ Allograft Bone. The Company's cervical-fusion
products are provided in sterile packaging for single use and fill critical
gaps in the continuum of cervical spine care.
New investor MVM Life Science Partners ("MVM") led
the financing and will join the Providence Board of Directors.
Stanmore Medical Investments, Aphelion Capital, and existing private investors
also participated in the round.
Dr. Bali Muralidhar, a partner at MVM said, "Providence's unique
product suite addresses key unmet needs in cervical spine fusion surgery. MVM
is delighted to support the business through the next phase of growth and to be
working with such a high-quality CEO and management team." Providence Chief Executive Officer Jeff Smith commented,
"I am thrilled MVM is joining our group of supportive investors. MVM's
deep scientific expertise and success globally commercializing medical
technologies make them an ideal partner for Providence."
"We are excited by the continued growth of our business
and wide adoption of our innovative, cervical-fusion technology," said
Smith. "With our expanding product offering and growing body of clinical
evidence, surgeons are increasingly choosing Providence. We are so pleased
that our products are resulting in positive patient outcomes and resonating
with spine surgeons and hospital administrators alike."
MVM Life Science Partners LLP, founded in 1997, is a leading
global healthcare Venture Capital / Private Equity firm based in London and Boston who
manages four funds totaling over US$700 million. MVM invests across the
Life Sciences market including biopharmaceuticals, diagnostics, drug delivery,
gene therapy, medical devices, OTC medicines, research tools and vaccines. The
MVM team has broad experience across the Life Science and Venture Capital /
Private Equity markets. For more information: www.mvm.com
Providence Medical Technology, Inc. is a privately-held
medical device company developing innovative solutions addressing the $2
billion worldwide cervical spine market. The company is focused on
commercializing the DTRAX platform of single-use, tissue-sparing instruments
and CAVUX implants for cervical fusion, as well as other technologies that
improve cervical spine procedures for both physicians and patients. For more
information, visit www.providencemt.com.
Published at PRNewsWire
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