Minimally invasive device maker Spine Wave closes $11M financing

Staxx XD Expandable Device (expanded)--Courtesy of Spine Wave

Connecticut-based spinal device maker Spine Wave announced Tuesday the closing of a new financing round totaling $11 million. The round was led by existing investor New Enterprise Associates, which has also led three previous rounds, and Acadia Woods.

Other investors include Compass Global Fund, Industry Ventures, Collinson Howe & Lennox, California Technology Partners and MB Ventures. The company previously raised $17.5 million in 2011 and $45 million in its 2007 Series D.

The funding will be used to support the "largest product portfolio expansion in the company's history," Spine Wave said in a statement. While the company has been expanding beyond its flagship Staxx XD Expandable device, an expandable spacer, certain products were released in limited markets. The company plans to launch 7 new major products over the next 12 to 18 months, it said in a statement.

Staxx XD Expandable Device surgical gun--Courtesy of Spine Wave

Spine Wave focuses on minimally invasive devices for spinal surgery. The Staxx XD is a spinal spacer made of PEEK polymer, which can be expanded once placed inside the body using a surgical gun. It comes in various lengths and widths, and allows the surgeon to better fit the device to each individual patient.

The company's other offerings include interbody devices for spinal fusion, a pivoting spacer system that allows surgeons to easily and accurately position interbody spacers, a pedicle screw system to treat degeneration or deformity of the spine and a cervical plate system to secure spinal screws, among others. Spine Wave is competing with several med tech titans in the orthopedics arena, including Stryker ($SYK), which also markets a PEEK spacer and expandable interbody devices.

"The company's portfolio has broadened significantly beyond its large franchise focused on the StaXx XD Expandable Device and the coming year will see a significant acceleration of this effort," said Ryan Drant, who represents NEA on Spine Wave's board, in the statement. "This financing will support Spine Wave's aggressive launch of a wide range of differentiated spinal implants which will make the company a player in the majority of the large spine market segments."

- here's the statement

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