Intrinsic Therapeutics Closes $49MM Financing

By Julie A. Vetalice

Intrinsic Therapeutics closed a US $49MM round of financing, which will support global commercialization of the Barricaid Anular Closure Device.

Barricaid is designed to prevent reherniation following lumbar discectomy surgery to treat sciatic pain caused by a herniated disc. In 4Q16, the company filed a Premarket Application with FDA based on 2-year outcomes of 554 trial subjects with a high risk of reherniation, subsequent reoperation and rehospitalization. Barricaid is reported to be the first of its kind in a prospective randomized superiority trial involving patients who are at higher risk for revision discectomy to alleviate recurrent pain resulting from reherniation

The financing included a $28MM equity round co-led by New Enterprise Associates and Delos Capital, as well as a $21MM debt facility with investment firm CRG.  Other investors include Greenspring Associates, Quadrille Capital and a corporate strategic.

Sources: Intrinsic Therapeutics, Inc.; ORTHOWORLD Inc.

Tags: Funding