Relievant Medsystems completed a $70 million equity financing. The funds build on commercial momentum following publication of 5-year data demonstrating long term clinical benefits of the Intracept procedure in chronic low back pain (CLBP) patients.
Intracept Intraosseous Nerve Ablation uses radiofrequency energy to ablate basivertebral nerves, within the vertebral body. Once ablated, the nerves stop transmitting pain signals. The outpatient procedure lasts up to 90 minutes and can yield instant pain relief.
"This oversubscribed financing round is a great vote of confidence in our team, product and mission to change the treatment paradigm for CLBP," said Art Taylor, President and CEO of Relievant Medsystems. "2020 will be a record year for Relievant and the commercialization of the Intracept Procedure. With the recent publication of our 5-year data showing sustained improvements in pain and function, we expect even greater adoption in 2021 as more and more physicians make Intracept a core part of their CLBP patient care pathway.”