Providence Medical Technology Secures $12M in New Financing

Providence Medical Technology Inc. has closed $12 million in new financing for the company. The proceeds will be used to further commercialize and expand its portfolio of DTRAX cervical fusion products designed to help patients suffering from cervical degenerative disc disease.

The new financing includes equity participation from existing investors Stanmore Medical Investments, Aphelion Capital and other existing private partners, and the establishment of a new debt facility with Silicon Valley Bank, company executives said.

“We are expanding our portfolio of cervical fusion products to address the majority of cervical pathologies requiring surgery,” CEO Jeff Smith said. “Our focus is on differentiated, tissue-sparing devices and instruments that are designed to improve clinical outcomes, minimize complications, increase procedural efficiency, and reduce recovery times. With our new financing, we can accelerate our research and development activities to broaden our innovative product portfolio and further scale our global sales and marketing capabilities.”

In addition to the new financing, the company also announced the appointment of Jason Hoffman as vice president of Global Sales to lead its expanded domestic and international commercialization efforts. Hoffman is an experienced commercial leader with 20 years of sales and marketing experience in the medical device and life sciences industries, most recently serving as vice president of U.S. Sales, Therapeutic Support Systems, for ArjoHuntleigh and Kinetic Concepts Inc. for four years. Prior to that, he spent 13 years at Johnson & Johnson in senior sales and marketing leadership roles.

“Jason is a seasoned sales leader who has successfully driven impressive top-line growth for major medical device and life sciences companies,” said Smith. “He brings outstanding strategic and tactical sales leadership skills to further enable the rapid growth and surgeon adoption of our DTRAX cervical fusion portfolio.”

Providence Medical Technology is a privately-held medical device company developing minimally invasive solutions addressing the $1 billion worldwide cervical spine market. The company’s DTRAX platform of cervical devices are used to provide indirect decompression and fusion in patients suffering from cervical radiculopathy secondary to degenerative disc disease.