PainTEQ announced today that it raised $35 million in non-dilutive growth capital backed by its intellectual property (IP) portfolio.
A lending vehicle managed by MVolution Partners (MVP) led the IP-backed debt financing. PainTEQ plans to use proceeds to expand the commercialization of its LinQ implantable sacroiliac (SI) joint stabilization system. Additionally, the company wants to put funds toward R&D efforts to advance care for SI joint pain and dysfunction.
Tampa, Florida-based PainTEQ designed LinQ as a safe, minimally invasive option to treat SI joint dysfunction. Without any drilling, the single LinQ implant with a large graft window goes into the SI joint. It promotes stabilization and creates an ideal environment for long-term fusion.
With a minimally invasive outpatient procedure, LinQ provides immediate clinical benefits for those with incapacitating lower back pain.
The company reports positive outcomes for patients backed by clin…