Companion Spine has raised US$55 million in a Series A financing round, with the money going towards the development and commercialisation of its range of minimally invasive diagnostic and therapeutic solutions in the United States and internationally for the treatment of degenerative disc disease (DDD) and lumbar spine stenosis.
The funding round was led by Viscogliosi Brothers, the company’s co-founder and historical shareholder, and jointly invested by a global medical technology company.
Companion Spine expects two of its products to be commercialised in the USA in 2023. The first is the DIAM implant for the treatment of DDD, which has already been CE marked. The device received breakthrough device designation from the US Food and Drug Administration in October 2021. The second device is the APERIUS intervertebral implant for the percutaneous treatment of lumbar stenosis.
Erick Cloix, CEO and co-founder of Companion Spine, said: “We are witnessing a paradigm shift in the management of spine pathologies, as many other healthcare sectors have experienced with the development of new technical and scientific innovations.
“Companion Spine is positioned to become a major actor of this change due to its unique focus and its comprehensive solutions which are adapted to the needs of patients and back pain specialists throughout their entire journey, aiming at precisely diagnosing and treating back pain earlier, for good, precisely, and efficiently.
“I am thrilled by the completion of this very important financing in our sector of activity, which testifies not only to the support and confidence of our co-founder and main shareholder, Viscogliosi Brothers, but also to the medical relevance of the technologies for the preservation and protection of functional mobility of the spinal segment, and to the interest of the business model developed by Companion Spine, with the participation of a leading spine medical devices manufacturer from which a large part of the patents for some of our innovations originate.”
Anthony Viscogliosi, principal at Viscogliosi Brothers, and co-founder and executive chairman of Companion Spine, added: “The breakthrough status awarded to the DIAM technology by the FDA in October of last year recognises the unique characteristics of this technology to address currently unmet patient care needs here in the USA.
“I am delighted to work with such a talented and experienced management team that has gathered around the vision and mission of Companion Spine. I believe this group is uniquely experienced to achieve great success within the field of diagnostics and interventional spine pain treatment, as well as motion preservation and function.”