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| Kiva VCF Treatment System--Courtesy of Benveue Medical |
Investors made an infusion of $64 million into Benvenue Medical on the heels of an FDA approval and U.S. launch of a new device earlier this year. In January, FDA approved its Kiva VCF Treatment System, an implant to treat vertebral compression fractures and the company launched the product in March.
The financing is slated to build up Benvenue's commercial presence and scale up manufacturing to support the recent launch. It is a combination of a $40 million Series E round with an additional $24 million in debt.
The venture round was led by new investor InterWest Partners with participation from "all major existing investors," according to a statement. Existing investors include DeNovo Ventures, Domain, Technology Partners and Versant Ventures. Silicon Valley Bank is the sole provider of the debt.
Up next, Benvenue plans to submit its Luna Interbody Spacer System for use in minimally invasive spinal fusion procedures for degenerative disc disease for FDA approval via a 510(k) pathway. Both Luna and Kiva are already marketed in the EU under a CE mark. The aim of the company is to provide new, minimally invasive spinal implants and devices. In the U.S., Benvenue also markets its Blazer-C Vertebral Augmentation System to create channels within the vertebral body for bone cement delivery.
"We believe the large investment in our company is due to Kiva's successful U.S. launch, the Luna device bearing a CE mark and its upcoming FDA submission," saied Benvenue CEO Robert Weigle in a statement.
Dr. Gil Kliman of InterWest joined the board of the Santa Clara, CA company as part of the financing.
"Benvenue Medical is, without a doubt, one of the most exciting companies in the spine category. We're happy to be a part of the significant positive momentum that clearly shows how well-positioned the company is for considerable commercial success in the global spine market," added Kliman.
Products to treat vertebral compression fractures and degenerative disc disease have combined revenues of $9 billion globally, according to the company.
- here is the press release on the financing