Providence Medical Technology reeled in $10.5 million to build up and commercialize its portfolio of cervical-fusion devices used in spinal surgery.
The company’s offerings include the Dtrax spinal system, a series of single-use orthopedic surgical tools that allow surgeons to work on the spine while sparing tissue, and its titanium alloy Cavux cervical cage implants. Providence focuses on providing tissue-sparing access to the spine to promote recovery.
"We are excited by the continued growth of our business and wide adoption of our innovative, cervical-fusion technology," said Providence CEO Jeff Smith, in a statement. "We are so pleased that our products are resulting in positive patient outcomes and resonating with spine surgeons and hospital administrators alike."
In August last year, Providence picked up $12 million in financing slated for the expansion and commercialization of its products. "Our focus is on differentiated, tissue-sparing devices and instruments that are designed to improve clinical outcomes, minimize complications, increase procedural efficiency, and reduce recovery times,” Smith said at the time.
New backer MVM Life Science Partners led the current financing, while existing investors Stanmore Medical Investments, Aphelion Capital and private investors also participated.
Other players in the spinal fusion arena include Stryker, which got its 3-D printed lumbar cage FDA-cleared in March, and SI-Bone, which markets the iFuse implant system, for the treatment of sacroiliac joint disruption and degenerative sacroiliitis in minimally invasive procedures.