Relievant Medsystems Inc. has raised $50 million in series G financing from a group led by New York-based Ally Bridge Group, the medical device company said this week.
The Edina-based company said it will use the money it raised to further develop its Intracept Procedure, a minimally invasive method treatment for chronic vertebrogenic low back pain.
“This substantial additional funding allows us to further accelerate our efforts to transform the diagnosis and treatment of vertebrogenic pain,” said Tyler Binney, president and CEO of RelievantMedsystems, in a statement. “We are thrilled to see strong support from Ally Bridge Group and existing investors in this oversubscribed round as we expand Intracept adoption and make this treatment available to more patients and physicians.”
Other existing investors participated in the round: Endeavour Vision, Vensana Capital, Lightstone Ventures, New Enterprise Associates, Canaan Partners and Morgenthaler Ventures.
Relievant's technology treats chronic lower back pain by stopping a nerve embedded in vertebrae from transmitting pain signals to the brain. The Intracept Procedure received FDA clearance in 2016. The company has previously reported that its procedure helps reduce patients' back pain for at least five years.
Founded in 2006, Relievant was based in Sunnyvale, Calif., until 2018, when it relocated to the Twin Cities. At that time, it announced a $58 million fundraising round. The company raised $70 million in 2020, as well. Relievant has now raised over $269.5 million in venture capital, according to Crunchbase.
