Providence Medical Technology closed US $25MM in new equity financing, bringing the total to $53MM raised since 2008. Funds will support market expansion and clinical development of DTRAX® posterior cervical fusion instruments.
In 2Q18, the DTRAX system received FDA 510(k) clearance to be specifically indicated for use in posterior cervical fusion in patients with cervical degenerative disc disease. This clearance provided a more specific indication for the system, which was a Class I medical device more broadly indicated for access and preparation of a spinal joint to aid in fusion.
Revelation Partners led the round, joined by BMO Global Asset Management, MVM Life Science Partners, Medvest Capital and Aphelion Capital.
Sources: Providence Medical Technology, Inc.; ORTHOWORLD Inc.