New Enterprise Associates led a $30 million Series D equity round in Relievant Medsystems, Inc., a specialist in the therapeutic use of basivertebral nerve ablation for the treatment of chronic axial low back pain.
Existing venture capital investors Canaan Partners, Emergent Medical Partners, Morgenthaler Ventures, and ONSET Ventures, joined the round.
"NEA brings deep domain experience in healthcare, a track record of successful investments in innovation and global strength in emerging markets. We are fortunate to have NEA and specifically, Dr. Justin Klein, who joins Relievant's Board of Directors, as our partner and investor." said Alex DiNello, CEO and President of Relievant. "Proceeds from this financing will enable Relievant to accelerate execution of our landmark SMART Clinical Trial and to conduct additional clinical studies for the Intracept Ablation System. These studies are key drivers for our plan to continue advancing the utility of basivertebral nerve ablation for isolated axial low back pain and to successfully commercialize Intracept worldwide."
NEA Partner Justin Klein, M.D. said, "Relievant's early clinical results indicate that Intracept has the potential to be a highly effective, durable, safe, and minimally invasive procedure to address a multi-billion dollar market. As important, we believe the Company's dedication to demonstrating the benefits of Intracept through a rigorous, randomized controlled trial-working in close partnership with its clinical advisors and the FDA-is exactly the right approach to providing a therapy that addresses the needs of patients, spine surgeons and interventionalists, and payors."
Relievant's Intracept procedure may be a viable treatment alternative for patients who suffer from chronic low back pain but no longer respond to conservative therapies.