SANTA CLARA, Calif., April 18, 2011 /PRNewswire/ -- Benvenue Medical, Inc., a developer of minimally invasive solutions for spine repair, announced the completion of a $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 commercialization strategy. Benvenue Medical is entering a $9 billion global spinal device market with three breakthrough minimally invasive products to treat vertebral compression fractures (VCFs) and degenerative disc disease (DDD).
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.
The funds will be used to complete enrollment and patient follow-up in Benvenue Medical's KAST trial, the largest randomized study versus balloon kyphoplasty to date, and begin multiple spine product commercialization initiatives in the U.S. and Europe. KAST is being conducted in support of 510(k) market clearance from the U.S. Food and Drug Administration (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 U.S.
"We welcome Domain Associates and Technology Partners as new investors and specifically Nimesh and Roger to ou
|SOURCE Benvenue Medical, Inc.|
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