Healthcare Industry News: HSMN NewsFeed
News Release - July 10, 2023
PainTEQ Raises $35 Million in Non-Dilutive IP-Backed Financing, Fueling Market Expansion and InnovationTAMPA, Fla., July 10, 2023 -- (Healthcare Sales & Marketing Network) -- PainTEQ, a market leader in minimally invasive posterior sacroiliac (SI) joint fusion procedures, today announced the closing of $35 million in non-dilutive growth capital backed by its intellectual property (IP) portfolio from a lending vehicle managed by MVolution Partners LLC (MVP).
The net proceeds from this IP-backed debt financing will be used to expand the commercialization of LinQ™, PainTEQ's implantable SI joint stabilization system, as well as support research and development efforts aimed at advancing care for patients with SI joint pain and dysfunction.
Backed by clinical evidence, LinQ is designed to be a safe, minimally invasive option for those suffering from SI joint dysfunction. Without any drilling, a single LinQ implant with a large graft window is placed into the SI joint to promote stabilization and create an ideal environment for long-term fusion. Given the positive outcomes for patients and its excellent safety profile, PainTEQ has experienced continuous demand for its SI joint stabilization system. To date, more than 8,000 LinQ procedures have been performed in the United States.
"We are excited to work with MVP. Our ability to secure attractive debt financing from an experienced healthcare investor is a testament to the strength and potential of PainTEQ's business", said Sean LaNeve, CEO of PainTEQ. "This strategic funding allows us to accelerate our growth trajectory and significantly strengthens PainTEQ's ability to improve the quality of life for an even greater number of patients living with SI joint pain."
Mike Weinmann, Founding Partner at MVolution Partners, shared his excitement for PainTEQ, stating, "We are impressed by LinQ's proven ability to generate positive patient outcomes through a simple, efficient, and safe therapy using the best instrumentation set for SI joint procedures. Our IP-backed financing will enable PainTEQ to fulfill its mission of helping millions of patients suffering from SI joint pain and dysfunction. We look forward to working with Sean and the rest of PainTEQ's senior management team."
About PainTEQ: PainTEQ was built to bring interventional procedures to the market. Working with pain management specialists to help reduce and eliminate SI joint dysfunction, PainTEQ's LinQ therapy aims to immediately provide clinical benefits to individuals living with incapacitating lower back pain through a minimally invasive outpatient procedure. Learn more at www.painteq.com.
About MVolution Partners: MVolution Partners (MVP) provides growth capital solutions up to $100 million to companies with significant intellectual property assets. MVP targets investments in North America and Europe and provides operational, strategic, and sustainability value add to achieve shared success with its portfolio companies. The founding partners of MVP have been involved in $4 billion of principal investments and have advised on over $40 billion of capital markets and mergers and acquisitions activity. For more information, please visit www.mvolutionpartners.com.
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