The company plans to put its new funds toward commercializing its ReActiv8 system in the U.S., Europe and Australia. It also has eyes on using the money for post-market clinical studies and research, plus general operations.
ReActiv8, an implantable restorative neuromodulation system, treats adults with intractable chronic low back pain (CLBP) associated with multifidus muscle dysfunction. It holds regulatory approval in Europe, Australia, the UK and U.S. The FDA earlier this month approved the system for MRI labeling as well.
New investors Gilde Healthcare and Viking Global Investors co-led the financing round. Key existing investors also participated in the financing. That includes Ally Bridge Group, Sofinnova Partners, Fountain Healthcare Partners and Perceptive Advisors.
“A …