Simplify Medical reels in $23M in second round of series B financing for $44M total
Simplify Medical, a maker of nonmetal spine implant technology, raised $23.25 million in a second round of series B funding to support two U.S. pivotal trials of its cervical artificial disc.
The Sunnyvale, California-based company now has a total of $44.25 million in financing, having raised $21 million last July, the company said.
The company’s investigational Simplify Disc features a ceramic core and two endplates made of a polymer called polyether ether ketone that is designed to treat cervical degenerative disc disease. The device is in pivotal trials studying its use in one level of the spine and in two adjacent levels of the spine.
“Having an oversubscribed series B is a testament to the large opportunity presented by the Simplify Disc,” David Hovda, Simplify Medical’s chief executive, said in a statement. “The Simplify Disc is designed to eliminate the need for CT scans postsurgery, reducing patient risk from associated radiation and solving a significant clinical problem in spine arthroplasty today.”
Cervical degenerative disc disease refers to the collapse or reduction in height of discs in the cervical spine. Bone spurs may also be present. The disease can cause neck pain, as well as tingling, numbness and pain in areas including the arms and hands. If nonsurgical pain management is insufficient, patients may be treated with spinal fusion.
The lead investor for the latest round of financing was LSP Health Economics Fund 2, which was joined by previous investors LSP Fund V, MH Carnegie & Co. and Sectoral Asset Management.
The device has a CE Mark and is currently available commercially in select European markets.