Navigation Links
Relievant Medsystems Announces Completion of $20 Million Financing

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.

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.

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.

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.

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.

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:
(Date:11/24/2015)... , November 24, 2015 ... --> adds Latest Guidebook for ... of 217 pages published in November 2015 to ... online business intelligence library at . ... of the fastest growing global economies with a ...
(Date:11/24/2015)... 24, 2015  Ascendant Solutions, Inc. (Pink Sheets: ASDS ... of Directors has declared a special 1 percent stock dividend ... payable December 14, 2015, to shareholders of record December 7, ... additional shares of common stock. --> ... a strong endorsement of our confidence in Ascendant,s growth strategy ...
(Date:11/24/2015)... Nov. 24, 2015 Diplomat Pharmacy, Inc. (NYSE: DPLO) ... of Clinical Services, Education and Human Resources will be presenting ... Oncology Drugs: Health Plan Strategies for a Dynamic Market" on ... Fenrick , a consultant with the Cambridge Advisory Group, where ... The webinar will discuss the rapid growth ...
Breaking Medicine Technology:
(Date:11/25/2015)... ... November 25, 2015 , ... Bcureful—a non-profit organization devoted to ... raising public awareness of the disorder while helping to bring expert medical care ... to bolster progress at the Tuberous Sclerosis Complex Center at Ann & Robert ...
(Date:11/24/2015)... , ... November 24, 2015 , ... ... to offer their patients the many benefits of the revolutionary BIOLASE WaterLase iPlus ... cutting and scraping tools traditionally used by a dentist in Gettysburg, PA ...
(Date:11/24/2015)... ... 24, 2015 , ... ThirdLove, the fast-growing bra company that ... offering 40% off select bras and underwear styles, now through Saturday, November 28th. ... technology and the latest fashion, quickly becoming the next generation of luxury bras. ...
(Date:11/24/2015)... ... 24, 2015 , ... Preparing for the LDT Regulation:, CLIA Won’t Satisfy the ... , FDA has long asserted that design and manufacture of Laboratory Developed Tests ... do not meet the device regulations. , Come up short in an inspection and ...
(Date:11/24/2015)... ... November 24, 2015 , ... United Benefit Advisors (UBA), ... & Company as its newest Partner Firm. Based in Jefferson City, Missouri, their ... trusted advisor regardless of whether that client is a business, a family, or ...
Breaking Medicine News(10 mins):