WALNUT CREEK, Calif., Dec. 19, 2016 /PRNewswire/ -- Providence Medical Technology, Inc., an innovator in tissue-sparing, cervical-fusion technology, today announced the closing of $10.5 million in new equity financing for the company. The proceeds will be used to further commercialize and expand its portfolio of cervical-fusion technology.
Providence's family of cervical-fusion products now includes DTRAX® Spinal Systems, CAVUX™ Cervical Cages, ALLY™ Screw Systems, and BIOLOGIX™ Allograft Bone. The Company's cervical-fusion products are provided in sterile packaging for single use and fill critical gaps in the continuum of cervical spine care.
New investor MVM Life Science Partners ("MVM") led the financing and will join the Providence Board of Directors. Stanmore Medical Investments, Aphelion Capital, and existing private investors also participated in the round.
Dr. Bali Muralidhar, a partner at MVM said, "Providence's unique product suite addresses key unmet needs in cervical spine fusion surgery. MVM is delighted to support the business through the next phase of growth and to be working with such a high-quality CEO and management team."
Providence Chief Executive Officer Jeff Smith commented, "I am thrilled MVM is joining our group of supportive investors. MVM's deep scientific expertise and success globally commercializing medical technologies make them an ideal partner for Providence."
"We are excited by the continued growth of our business and wide adoption of our innovative, cervical-fusion technology," said Smith. "With our expanding product offering and growing body of clinical evidence, surgeons are increasingly choosing Providence. We are so pleased that our products are resulting in positive patient outcomes and resonating with spine surgeons and hospital administrators alike."
MVM Life Science Partners LLP, founded in 1997, is a leading global healthcare Venture Capital / Private Equity firm based in London and Boston who manages four funds totaling over US$700 million. MVM invests across the Life Sciences market including biopharmaceuticals, diagnostics, drug delivery, gene therapy, medical devices, OTC medicines, research tools and vaccines. The MVM team has broad experience across the Life Science and Venture Capital / Private Equity markets. For more information: www.mvm.com
Providence Medical Technology, Inc. is a privately-held medical device company developing innovative solutions addressing the $2 billion worldwide cervical spine market. The company is focused on commercializing the DTRAX platform of single-use, tissue-sparing instruments and CAVUX implants for cervical fusion, as well as other technologies that improve cervical spine procedures for both physicians and patients. For more information, visit www.providencemt.com.
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SOURCE Providence Medical Technology, Inc.