Benvenue Medical, a developer of minimally invasive solutions for spine repair, announced the completion of a US$35.5 million Series C round of financing. The proceeds will be used to complete KAST (Kiva system as a vertebral augmentation treatment – A safety and effectiveness trial) and execute on the company’s commercialisation strategy.
Benvenue Medical is entering a US$9 billion global spinal device market with three breakthrough minimally invasive products to treat vertebral compression fractures (VCFs) and degenerative disc disease.
The round was co-led by new investors Domain Associates and Technology Partners, with continued support from current investors Versant Ventures and DeNovo Ventures. Nimesh Shah, principal at Domain Associates, and Roger Quy, general partner of Technology Partners, will join the Benvenue Medical Board of Directors.
“We welcome Domain Associates and Technology Partners as new investors and specifically Nimesh and Roger to our board. We are also gratified by the continued support of Versant Ventures and DeNovo Ventures, who have been with us since the beginning. Our investors share the vision of Benvenue Medical becoming a leading company with product platforms in multiple markets in spine repair,” said Robert Weigle, CEO of Benvenue Medical. “This significant financing is an important milestone for our continued momentum.”
The funds will be used to complete enrollment and patient follow-up in Benvenue Medical’s KAST trial, the largest randomised study versus balloon kyphoplasty to date, and begin multiple spine product commercialisation initiatives in the USA and Europe.
KAST is being conducted in support of 510(k) market clearance from the FDA and is evaluating the Kiva VCF Treatment System versus balloon kyphoplasty in vertebral compression fractures. The Kiva VCF Treatment System has now been used to treat over 450 vertebral compression fractures globally. The National Osteoporosis Foundation estimates that there are 700,000 osteoporosis-related vertebral compression fractures annually in the USA.
“With the landmark KAST clinical trial enrolling well, along with the go-to-market efforts already underway for Blazer and additional products, Benvenue Medical is well positioned to be a significant player in the global spine market. We are very enthusiastic about being involved,” said Shah.
“We are impressed with Benvenue Medical’s growth potential in both the VCF and fusion markets and we look forward to working with the company as it evolves into a commercially-focused organisation,” said Quy.
“We at Versant Ventures are enthused by Benvenue’s momentum on multiple fronts and are thrilled to have the caliber of investors of Domain Associates and Technology Partners join the team,” said Beckie Robertson, managing director at Versant Ventures.