Relievant Medsystems Announces $70M Financing to Accelerate U.S. Commercialization of Intracept Procedure
OCTOBER 29, 2020 – MINNEAPOLIS, MN. Relievant Medsystems, a privately-held medical device company transforming the treatment of Chronic Low Back Pain (CLBP), announced today the completion of a $70 million equity financing. The round was led by new investor Vensana Capital alongside Lightstone Ventures with participation from existing investors Endeavour Vision, New Enterprise Associates, Morgenthaler Ventures and Canaan Partners.
“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. We are delighted to have such strong financial support to fuel this rapid commercial growth and to make this much-needed treatment available to more patients and physicians.”
Chronic low back pain is a widespread and often severely debilitating condition estimated to affect nearly 30 million people in the U.S., with over 70 percent failing to find adequate relief with conservative care and are not candidates for surgery. Until recently, the intervertebral discs have been thought to be the primary source of pain, referred to as discogenic pain, in most patients with CLBP. Relievant’s Intracept Procedure is a minimally invasive treatment based upon ground-breaking anatomic research that demonstrated many of these patients actually suffer from vertebrogenic pain – pain originating from the vertebral endplates that is transmitted through the basivertebral nerve. The Intracept Procedure is supported by two Level I randomized controlled clinical trials and long-term data demonstrating improvements in pain and function lasting more than 5-years post-procedure. It is estimated that over five million CLBP patients in the U.S. have vertebrogenic pain and are candidates for the Intracept Procedure.
As part of the financing, Justin Klein, MD, JD, Co-Founder and Managing Partner at Vensana Capital, will join Relievant’s board of directors.
“The team at Relievant has created a category-defining medical procedure that truly has the potential to transform the treatment of CLBP,” said Justin Klein. “The Intracept procedure is a safe, patient-friendly treatment that has resonated with physician leaders in the field and has been proven to significantly reduce pain and disability, now beyond five years in well-conducted clinical trials. With the millions of patients in the U.S. suffering from chronic axial low back pain indicated for Relievant’s Intracept Procedure, we believe Intracept is an outstanding example of medical technology innovation and is one that can also positively impact our country’s ongoing opioid epidemic.”
About Relievant Medsystems
Relievant Medsystems is a privately-held medical device company that is transforming the treatment of Chronic Low Back Pain (CLBP) with the Intracept Procedure – a novel, clinically-proven and commercially-available treatment designed to improve the quality of life for the millions of patients suffering from CLBP from degenerative disk disease with Modic changes, a biomarker indicating that their pain is vertebrogenic in origin. Learn more at www.relievant.com.