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| iFuse implant system--Courtesy of SI-Bone |
Orthopedics company SI-Bone is receiving $33 million in financing from VC giants Orbimed and Novo A/S along with current investors Skyline Ventures and Montreux Equity Partners, the maker of spine implants said.
San Jose, CA-based SI-Bone will add to its R&D and sales teams, the company said in a statement. In particular, it will invest the proceeds to fund two clinical studies in the U.S. and one in Europe. The post-market SIFI and INSITE trials are evaluating the company's iFuse Implant System for the treatment of degenerative sacroiliitis and the European iMIA study focuses on the system's use in minimally invasive spinal fusion procedures.
The product received FDA clearance in 2008 for the "fracture fixation of long bones and large bone fragments of the pelvis" and in 2011 for sacroiliac joint fusion, according to the statement. It was granted a CE mark in 2010.
"The strong clinical evidence supporting MIS SI joint fusion, the AMA's decision in March to establish a Category 1 CPT code for the procedure, along with the increasing adoption and demand for iFuse by surgeons in the U.S. and around the world further validates our belief that minimally invasive fusion of the SI joint is being recognized as the standard surgical treatment option," said SI-Bone CEO Jeffrey Dunn in a statement.
The company is also pursuing regulatory approvals in more than a dozen countries across the globe.
SI-Bone was founded in 2008. Skyline Ventures participated in a 2010 financing round that yielded $11 million. OrbiMed and Denmark's Novo A/S are powerful financial backers as well. Late last year, OrbiMed kicked off a $735 million healthcare VC with a goal funding about 30 companies. Its device portfolio includes cardiology specialist Acutus, China's Bonovo and eye care company Glaukos.
The Novo A/S portfolio is mostly focused on biopharmaceuticals. However, it seems to be bullish on spinal implants. The financier participated in one of 2013's largest med tech VC investments with several others by contributing to the $48 million financing round of spinal cord stimulation pain-management implant company Nevro. And it was an investor in Neomend, a maker of sprayable surgical sealants and anti-adhesion products that was acquired by C.R. Bard for $140 million in 2012.
- read the release
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