Relievant Medsystems secures $30M in Series D equity financing

Relievant Medsystems, Inc., a privately held medical device company pioneering the therapeutic use of basivertebral nerve ablation for the treatment of chronic axial low back pain, announced today that it has secured $30 million in a Series D equity financing to advance and expand the Company's worldwide clinical development programs.  New Enterprise Associates (NEA) led the financing with participation from existing venture capital investors Canaan Partners, Emergent Medical Partners, Morgenthaler Ventures, and ONSET Ventures.

"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 is excited to partner with the Relievant founders and management team because of their effort to bring a game-changing technology to the millions of people who suffer from chronic axial low back pain," said NEA Partner Justin Klein, M.D.  "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."