Healthcare Industry News: Novo Ventures
News Release - January 7, 2008
Benvenue Medical Closes $15 Million Series B FinancingMOUNTAIN VIEW, Calif.--(HSMN NewsFeed)--Benvenue Medical, Inc., a developer of minimally invasive solutions for spine repair, announced today that it has closed a $15 million Series B financing. The round included lead investor Three Arch Partners and returning investors Versant Ventures and De Novo Ventures.
“We are excited that Three Arch Partners has led this round of financing, and we welcome Bill Harrington to our board of directors,” said Laurent Schaller, president and CEO of Benvenue Medical. “This financing will allow us to expand our product development programs, obtain additional regulatory approvals, and gain clinical experience with our minimally invasive spinal products.”
Dr. Bill Harrington of Three Arch Partners joins the Benvenue Medical board of directors, comprised of chairman Charles Maroney, president and CEO of CardioMind, Rebecca Robertson of Versant Ventures, Richard Ferrari of De Novo Ventures, Tate Scott, president and CEO of KFx Medical, and Mr. Schaller.
Benvenue Medical has developed a proprietary, flexible spinal implant technology with two primary minimally invasive applications: the treatment of vertebral compression fractures (VCFs) due to osteoporosis, trauma, and cancer, and the treatment of degenerative disc disease.
The Benvenue Medical VCF solution addresses unmet needs of spine surgeons and interventional radiologists that treat this condition. VCF treatment represented a global market of over $500 million and over 200,000 procedures in 2007. The market remains underpenetrated, with roughly 700,000 additional VCF patients diagnosed each year worldwide. The fusion system addresses the rapidly growing spinal fusion market for degenerative disc disease, which exceeds $5 billion and one million procedures globally. However, only a small percentage of patients currently benefit from minimally invasive techniques due to limitations of the technology currently available.
“Initial feedback from clinicians suggests that the Benvenue Medical VCF repair system will deliver significant benefits to patients and physicians,” said Harrington. “The company’s platform technology also has the potential to transform spinal fusion by expanding adoption of minimally invasive techniques. We look forward to working with company management to develop this exciting technology and bring it to market.”
About Benvenue Medical, Inc.
Founded in 2004 and headquartered in Mountain View, California, Benvenue Medical, Inc. is advancing spine repair through the development of proprietary, minimally invasive surgical and interventional solutions. The company is privately held.
Source: Benvenue Medical
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