Relievant Medsystems Inc. has raised $70 million in equity financing from a group led by Edina-based Vensana Capital as well as Menlo Park, Calif.-based Lightstone Ventures, the medical device company announced last week.
The medical-device company will use the money to commercialize its Intracept Procedure, a treatment for lower back pain.
Justin Klein, a co-founder and managing partner of Vensana, will join Relievant's board. Other participants in the oversubscribed financing round include New Enterprise Associates, Endeavour Vision, Morgenthaler Ventures and Canaan Partners. At least 10 investors participated in the round, according to a filing with the SEC.
Bloomington-based Relievant makes technology that treats chronic lower back pain (CLBP) by destroying a nerve embedded in vertebrae. Founded in 2006, it was based in Sunnyvale, Calif., until 2018, when it relocated to the Twin Cities. At that time, it also announced a $58 million fundraising round. Relievant has now raised over $223 million in venture capital, according to Crunchbase.
"This oversubscribed financing round is a great vote of confidence in our team, product and mission to change the treatment paradigm for CLBP," President and CEO Art Taylor said in a statement. "We are delighted to have such strong financial support to fuel this rapid commercial growth and to make this much-needed treatment available to more patients and physicians,"
Relievant did not immediately respond to a request for comment.
The Intracept Procedure received FDA clearance in 2016; further tests for the procedure are ongoing. Relievant recently published a study that shows its procedure helps reduce patients' back pain for at least five years.
