Navigation Links
Relievant Medsystems Announces Completion of $20 Million Financing
Date:7/7/2009

REDWOOD CITY, Calif., July 7 /PRNewswire/ -- Relievant Medsystems, Inc., developer of a novel, minimally invasive treatment for chronic low back pain, reported today that it has completed a $20 million private equity financing. The financing was led by Morgenthaler Ventures with existing investors Canaan Partners and ONSET Ventures and new investor Emergent Medical Partners participating. The company also announced that Morgenthaler partner Hank Plain has joined its Board of Directors.

"Capital raised will fund clinical research and the launch of our Intracept(TM) System to treat low back pain," commented Paul Goeld, President and Chief Executive Officer of Relievant. "The results from our small pilot study are very encouraging and we plan to initiate a larger study later this year. The multi-center trial is intended to demonstrate the safety and effectiveness of our technology."

Chronic low back pain impacts nearly one-third of the population and represents the largest and most expensive non-lethal condition in our health care system. Every year, 12 million new patients seek treatment for back pain. Unfortunately, nearly two million of these patients fail to respond to conservative treatment. These patients have few choices - escalating use of pain medications, continued suffering or invasive surgery.

Based on the research of Michael Heggeness, MD, PhD of the Baylor College of Medicine, Relievant's Intracept System treats chronic low back pain with a simple, minimally invasive procedure. In a small pilot study, treated patients reported immediate pain relief and returned to normal activities the next day.

"We were immediately attracted to Relievant's technology," said Hank Plain of Morgenthaler Ventures. "Their product addresses the largest segment of the back pain market with a relatively easy intervention that takes less than one hour to complete. We invested in Relievant for their potential to change the treatment landscape."

"We are very excited to be working with Morgenthaler Ventures and Emergent Medical Partners," said Paul Goeld. "We appreciate the confidence the new investors and our existing investors Canaan Partners and ONSET Ventures have shown in our technology and team. Their experience will help us build a great company."

About Relievant Medsystems

Relievant Medsystems is a private, clinical-stage medical device company that is developing a novel treatment for chronic low back pain. The company's Intracept product, currently under development, is a minimally invasive system that allows a spine surgeon to target low back pain by ablating a nerve target within the vertebral body. Relievant's Intracept System is not available for sale in the United States. www.relievant.com.

About Morgenthaler Ventures

Morgenthaler Ventures is one of the country's premier venture capital firms with a track record of partnering with more than 300 emerging companies over forty years. With offices in Menlo Park, Boston and Boulder, the firm manages over $3 billion in capital and invests in early stage life science and technology companies. www.morgenthaler.com

About Canaan Partners

Canaan Partners is a global venture capital firm specializing in early-stage life science and information technology companies. Founded in 1987, Canaan Partners has $2.4 billion capital under management and has invested in more than 240 companies, completed 63 mergers and acquisitions, and brought over 50 companies public. www.canaan.com

About ONSET Ventures

ONSET Ventures has backed over 100 companies since 1984 and now has more than $840 million under management. ONSET Ventures focuses exclusively on information and medical technology start-ups and has a long history of successful ventures in each of these sectors. www.onset.com

About Emergent Medical Partners

Emergent Medical Partners is a life sciences investment firm that focuses on medical device and healthcare companies. Emergent's partnership has over fifty years of experience creating and investing in medical devices and healthcare companies with a focus on early stage companies. www.emvllp.com


'/>"/>
SOURCE Relievant Medsystems, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine technology :

1. Accumetrics, Inc. Announces GRAVITAS Trial 50 Percent Enrolled
2. Calixa Therapeutics Announces Initiation of Phase 2 Clinical Trial of Its Antibiotic, CXA-101, in Patients with Complicated Urinary Tract Infections
3. AcelRx Announces Positive Phase 2 Results from a Study of ARX-01 Sufentanil NanoTabs in Treating Post-Operative Pain
4. Sangamo BioSciences Announces Achievement of Key Milestone in Cell Engineering Agreement With Genentech
5. Innovative Psoriasis Treatment PSORENT(R) Announces Healthcare Cost Savings Potential Consistent with President Obamas Announcement on Healthcare Reform
6. ALP Life Sciences, LLC Announces Nanoveson(TM) Patent Filing and Whitepaper Availability on Proposed Therapy for Non-Alcoholic Fatty Liver Disease (NAFLD) and Comorbid Diseases
7. Spherix Announces Positive Phase 2 Study Results
8. Covance Announces Integrated Radiolabeled Clinical Pharmacology Studies
9. GeoVax Labs, Inc. Announces Results of 2009 Annual Shareholders Meeting
10. CoAxia, Inc. Announces $21.5M Series D Financing
11. Families of Spinal Muscular Atrophy Announces Latest Developments on Three SMA Drug Discovery Programs
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/24/2016)... 2016   Pulmatrix, Inc ., (NASDAQ: ... drugs, announced today that it was added to the ... its comprehensive set of U.S. and global equity indexes ... important milestone for Pulmatrix," said Chief Executive Officer ... our progress in developing drugs for crucial unmet medical ...
(Date:6/24/2016)... , June 24, 2016  Arkis BioSciences, ... less invasive and more durable cerebrospinal fluid treatments, ... funding.  The Series-A funding is led by Innova ... Fund, and other private investors.  Arkis, new financing ... instrumentation and the market release of its in-licensed ...
(Date:6/23/2016)... 23, 2016 Research and Markets has ... - Forecast to 2022" report to their offering. ... for the patients with kidney failure, it replaces the function ... the patient,s blood and thus the treatment helps to keep ... in balance. Increasing number of ESRD patients ...
Breaking Medicine Technology:
(Date:6/25/2016)... ... ... of Bruton Memorial Library on June 21 due to a possible lice infestation, as reported ... head lice: the parasite’s ability to live away from a human host, and to infest ... in the event that lice have simply gotten out of control. , As lice are ...
(Date:6/25/2016)... ... June 25, 2016 , ... On Friday, June 10, ... Bronze Wellness at Work award to iHire in recognition of their exemplary accomplishments in ... the 7th annual Maryland Workplace Health & Wellness Symposium at the BWI Marriott in ...
(Date:6/24/2016)... CA (PRWEB) , ... June 24, 2016 , ... Marcy was in a crisis. Her ... would lash out at his family verbally and physically. , “When something upset him, he ... he would use it. He would throw rocks at my other children and say he ...
(Date:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... Topical BioMedics, Inc, makers of Topricin and ... that call for a minimum wage raise to $12 an hour by 2020 and then ... will restore the lost value of the minimum wage, assure the wage floor does not ...
(Date:6/24/2016)... ... June 24, 2016 , ... ... feeding the Frederick area economy by obtaining investment capital for emerging technology companies. ... 2½ years that have already resulted in more than a million dollars of ...
Breaking Medicine News(10 mins):