SAN JOSE, Calif., Jul 17, 2008 (BUSINESS WIRE) -- Vertos Medical, Inc., a privately held medical device manufacturer focusing on minimally invasive treatment for Lumbar Spinal Stenosis (LSS), today announced that the company has closed a Series C financing round of $12 million with leading venture capital firms active in medical technology. The lead investors were CHL Medical Partners and Foundation Medical Partners and were joined in the round by previous investors Aweida Venture Partners and DFJ Mercury. In connection with the financing, Myles Greenberg, M.D. of CHL and Andrew Firlik, M.D. of Foundation have joined Vertos' Board of Directors.
The proceeds of the recent round will be used to expand the Vertos product portfolio and support the commercial launch of the company's proprietary MILD(TM) devices. The MILD (Minimally Invasive Lumbar Decompression) procedure, is a simple, percutaneous, fluoroscopically guided treatment for Lumbar Spinal Stenosis (LSS). MILD can be performed under local anesthesia and substantially reduces the tissue damage and removal associated with other minimally invasive or open surgeries. LSS is diagnosed in over 1.5 million Americans each year. Vertos has obtained FDA clearance for sale of the MILD devices in the U.S.
Concurrent to the closing of the financing round, the company announced clinical results in 32 patients with moderate to severe LSS. All patients were discharged either the same day or the day following the MILD procedure. These patients were treated at 11 leading medical centers. Some of these results were presented at a recent spine surgery conference in Los Cabos, Mexico; reported were a 90% decrease in pain as measured by the Visual Analog Scale (VAS), as well as improved mobility, represented by a decrease in the Oswestry Disability Index (ODI) of 84%. No complications or adverse events were reported, and all patients had discontinued the use of narcotics or pain medication at 6 weeks following the MILD procedure.
"We are very pleased to be partnering with CHL and Foundation in this financing round, which will provide Vertos with the resources to expand our clinical studies and support a full commercial launch of the MILD procedure in the U.S. Moreover, it will also enable Vertos to continue its leadership position in percutaneous treatment of patients with LSS." said Richard Johnson, M.D., Vertos' Chief Executive Officer.
"Vertos is pioneering a very exciting new treatment for LSS utilizing the gold standard technique of decompression through a novel, minimally invasive approach. We are looking forward to working with Vertos' talented management team to make this less invasive treatment widely available to those suffering with this painful and debilitating condition," commented Dr. Myles Greenberg, Partner at CHL.
Apparently Vertos only does one procedure. So GO NUVASIVE:
The lumbar spine (lower back) provides a foundation to carry the weight of the upper body. It also houses the nerves that control the lower body. With aging, degenerative changes in the spine can occur. The disks between the vertebrae (bones) may become dehydrated, and the joints may become overgrown due to arthritis. Over time, these changes can also lead to narrowing, or stenosis, of the spinal canal.
The wear-and-tear effects of aging can lead to narrowing of the spinal canal, a condition known as spinal stenosis.
Narrowing of the lumbar spinal canal pinches the nerves that go to the skin and muscles of the legs. Sometimes, the pinched nerves become inflamed, causing pain in the buttocks and/or legs.
Degenerative changes in the lower back also can diminish the ability of the spine to carry the load of the upper body. This can lead to forward slippage of one vertebra on another, a painful condition called spondylolisthesis.
Lumbar spinal stenosis usually affects middle-aged and older adults. People who are born with narrower spinal canals are more likely to develop this problem.