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| iFuse Implant System--Courtesy of SI-Bone |
Minimally invasive player SI-Bone picked up $20 million in a financing round led by Arboretum Ventures. All of its major existing investors also participated.
The company will use the funding to boost its U.S. sales force following the recent decisions of some health plans to cover its iFuse Implant System for the fusion of the sacroiliac (SI) joint in the hip. The remainder of the proceeds will go toward R&D and the commercialization of new products for SI joint surgery.
"Payors across the U.S. have either established coverage or are considering coverage for iFuse," said CEO Jeffrey Dunn, in a statement. "With the additional support of new investor Arboretum Ventures along with continued support from our existing investors, we look forward to making iFuse available to all those who can benefit from this proven therapy."
The iFuse system is a minimally invasive option to treat lower back pain from sacroiliac joint disruption and degenerative sacroiliitis, including conditions that started before or during pregnancy and continued to persist postpartum. It was cleared by the FDA in 2008 and scored expanded indications in 2011 and 2015. The system uses titanium implants coated with a porous titanium plasma spray to reduce implant motion and provide immediate fixation and long-term fusion. According to SI-Bone, more than 20,000 iFuse procedures have been performed over the last several years.
In May 2015, the company raised $21 million in a round led by a new investor, Redline Capital Management. At the time, it also tapped a new chief financial officer, Laura Francis, to help boost sales. Six months later, it secured more than $39 million in debt to help market iFuse.
- here's the statement