Relievant Medsystems Raises $50 Million to Advance the Treatment for Chronic Vertebrogenic Low Back Pain
MINNEAPOLIS, April 19, 2023 (GLOBE NEWSWIRE) — Relievant Medsystems, a company dedicated to transforming the diagnosis and treatment of vertebrogenic pain, a type of chronic low back pain (CLBP), today announced that it has completed the close of its $50 million Series G financing. The financing was led by new investor Ally Bridge Group with participation from existing investors Endeavour Vision, Vensana Capital, Lightstone Ventures, New Enterprise Associates, Canaan Partners and Morgenthaler Ventures.
“This substantial additional funding allows us to further accelerate our efforts to transform the diagnosis and treatment of vertebrogenic pain,” said Tyler Binney, President and CEO of Relievant Medsystems. “We are thrilled to see strong support from Ally Bridge Group and existing investors in this oversubscribed round as we expand Intracept adoption and make this treatment available to more patients and physicians.”
“We are pleased to join the investor syndicate supporting Relievant,” said Kevin Reilly, a Managing Director at Ally Bridge Group. “We have been impressed by the company’s novel and clinically proven technology and accelerating commercial traction and adoption. We are excited to partner with the company on its journey to provide relief for the millions of patients in the U.S. suffering from chronic low back pain indicated for Relievant’s Intracept Procedure.”
Relievant Medsystems’ minimally invasive Intracept Procedure is the only FDA-cleared treatment for chronic vertebrogenic low back pain, using targeted radiofrequency energy to stop the basivertebral nerve (BVN) from transmitting pain signals to the brain. The procedure is typically performed in an outpatient surgery center and takes approximately one hour. Based on existing data, patients usually experience minimal post-procedure pain and generally quick recovery times. Patients often feel pain relief within two weeks of being treated with the Intracept Procedure.
About Vertebrogenic Pain
Of the 30 million people in the U.S. with chronic low back pain, 1 in 6 are likely to have vertebrogenic pain, a distinct type of chronic low back pain caused by damage to vertebral endplates, the interface between the disc and the vertebral body. Patients typically have pain in the middle of their low back, which worsens when they bend over, sit for long periods of time, or when they are active. A physician can confirm a patient’s pain is vertebrogenic by observing Modic changes, a biomarker seen on standard MRI that indicates inflammation at the vertebral endplate.
About Relievant Medsystems
Relievant Medsystems is a commercial-stage medical device company transforming the diagnosis and treatment of vertebrogenic pain, a form of CLBP, with the Intracept Procedure – a novel, clinically proven and commercially available treatment designed to improve the quality of life for millions of indicated patients. For more information about Relievant Medsystems and the Intracept Procedure, visit www.relievant.com.
About Ally Bridge Group Ally Bridge Group (the “Firm”) is a global healthcare investment management firm focused on high-impact life science innovation across private and public markets. The Firm was founded in 2013 by Frank Yu, Chief Executive Officer and Chief Investment Officer, with its team members based in New York, California, Boston and Hong Kong. Through its scientific and clinical research overlaid with M&A and capital markets expertise, Ally Bridge Group seeks to capture investment opportunities across the capital structure addressing unmet medical needs. For more information, please visit https://ally-bridge.com.
Shelli Lissick, Bellmont Partners
(651) 276-6922 |
Marissa Bych, Gilmartin Group
(805) 305-1244 |