Baxano gets $30M to support iO-Flex System

San Jose, CA-based Baxano has raised $30 million in venture funding to support commercilization of its iO-Flex System, a surgical device for central, lateral recess and foraminal lumbar stenosis. The technology uses thin, flexible devices through an open exposure or a tube to provide lumbar decompression from the inside out, according to Baxano's site.

New investors CMEA Capital, Kaiser Permanente Ventures and Affinity Capital Management joined existing investors Prospect Venture Partners, Three Arch Partners, and Kearny Venture Partners to raise the funding. The money will support the U.S. commercial launch and additional post-clearance clinical study of the iO-Flex System. "Baxano's iO-Flex System is a unique opportunity to bring a safe and effective less-invasive solution to patients, physicians and payers," says Rod Altman, senior partner, CMEA Capital, which led the round

"The closing of this round of financing launches the next phase of growth for Baxano. Adding our new investors to our extremely strong venture capital partners demonstrates our value proposition as a company," notes Baxano President and CEO Tony Recupero in a statement. "We believe this round of investment further validates the potential value of the iO-Flex System for all stakeholders in today's cost-effective healthcare environment."

- read Braxano's release
- see a photo of Baxano's iO-Flex System

ALSO: Ann Arbor, MI-based CytoPherx has raised $5 million toward a $7.5 million Series B round. Report

PLUS: Monteris Medical has gathered $3.4 million in an equity offering to support commercialization of its AutoLITT neurosurgical laser, designed to reduce brain tumors to paste. The device was cleared by the FDA last year. Report