Charles Sternberg, Associate Editor04.19.23
Relievant Medsystems, a company dedicated to transforming the diagnosis and treatment of vertebrogenic pain, a type of chronic low back pain (CLBP), has closed its $50 million Series G financing.
The financing was led by new investor Ally Bridge Group with participation from existing investors Endeavour Vision, Vensana Capital, Lightstone Ventures, New Enterprise Associates, Canaan Partners and Morgenthaler Ventures.
“This substantial additional funding allows us to further accelerate our efforts to transform the diagnosis and treatment of vertebrogenic pain,” said Tyler Binney, President and CEO of Relievant Medsystems. “We are thrilled to see strong support from Ally Bridge Group and existing investors in this oversubscribed round as we expand Intracept adoption and make this treatment available to more patients and physicians.”
“We are pleased to join the investor syndicate supporting Relievant,” said Kevin Reilly, a managing director at Ally Bridge Group. “We have been impressed by the company’s novel and clinically proven technology and accelerating commercial traction and adoption. We are excited to partner with the company on its journey to provide relief for the millions of patients in the U.S. suffering from chronic low back pain indicated for Relievant’s Intracept Procedure.”
Relievant Medsystems’ minimally invasive Intracept Procedure is the only FDA-cleared treatment for chronic vertebrogenic low back pain, using targeted radiofrequency energy to stop the basivertebral nerve (BVN) from transmitting pain signals to the brain. The procedure is typically performed in an outpatient surgery center and takes approximately one hour. Based on existing data, patients usually experience minimal post-procedure pain and generally quick recovery times. Patients often feel pain relief within two weeks of being treated with the Intracept Procedure.
The financing was led by new investor Ally Bridge Group with participation from existing investors Endeavour Vision, Vensana Capital, Lightstone Ventures, New Enterprise Associates, Canaan Partners and Morgenthaler Ventures.
“This substantial additional funding allows us to further accelerate our efforts to transform the diagnosis and treatment of vertebrogenic pain,” said Tyler Binney, President and CEO of Relievant Medsystems. “We are thrilled to see strong support from Ally Bridge Group and existing investors in this oversubscribed round as we expand Intracept adoption and make this treatment available to more patients and physicians.”
“We are pleased to join the investor syndicate supporting Relievant,” said Kevin Reilly, a managing director at Ally Bridge Group. “We have been impressed by the company’s novel and clinically proven technology and accelerating commercial traction and adoption. We are excited to partner with the company on its journey to provide relief for the millions of patients in the U.S. suffering from chronic low back pain indicated for Relievant’s Intracept Procedure.”
Relievant Medsystems’ minimally invasive Intracept Procedure is the only FDA-cleared treatment for chronic vertebrogenic low back pain, using targeted radiofrequency energy to stop the basivertebral nerve (BVN) from transmitting pain signals to the brain. The procedure is typically performed in an outpatient surgery center and takes approximately one hour. Based on existing data, patients usually experience minimal post-procedure pain and generally quick recovery times. Patients often feel pain relief within two weeks of being treated with the Intracept Procedure.