Relievant Medsystems Secures $36 Million for INTRACEPT
Relievant Medsystems secured US $36MM in equity financing. Proceeds will support clinical studies, portfolio expansion and commercialization, including strategic initiatives with Medicare contractors and third-party private payors.
Relievant has developed INTRACEPT® Intraosseous Nerve Ablation System to trehat chronic low back pain. The system received FDA 510(k) clearance in 3Q16.
New Enterprise Associates led the financing, with participation from Canaan Partners, Emergent Medical Partners and Morgenthaler Ventures.
Relievant sponsored the SMART: Surgical Multi-center Assessment of RF Ablation for the Treatment of Vertebrogenic Back Pain Trial, a 225 patient Level 1, international, prospective, randomized, double-blind, sham-controlled clinical study that evaluated the safety and effectiveness of INTRACEPT therapy. For patients who received the intended therapy and completed follow-up, the INTRACEPT treatment arm in the SMART study demonstrated a mean Oswestry Disability Index improvement of -48% from baseline at 3 months. Results were sustained through 12 and 24 months of follow-up.
Sources: Relievant Medsystems; ORTHOWORLD Inc.