The net proceeds will also be used to support the firm’s research and development efforts to advance patient care with SI joint pain and dysfunction
LinQ system is designed to be a safe, minimally invasive choice for patients suffering from SI joint dysfunction. (Credit: CHUTTERSNAP on Unsplash)
Medical device company PainTEQ has raised $35m in non-dilutive growth capital to expand the commercialisation of its implantable LinQ posterior sacroiliac (SI) joint stabilisation system.
The debt financing was backed by PainTEQ’s intellectual property (IP) portfolio from a lending vehicle managed by MVolution Partners (MVP).
The net proceeds will also be used to support the firm’s efforts in research and development to advance patient care with SI joint pain and dysfunction.
PainTEQ CEO Sean LaNeve said: “We are excited to work with MVP. Our ability to secure attractive debt financing from an experienced healthcare investor is a testament to the strength and potential of PainTEQ’s business.
“This strategic funding allows us to accelerate our growth trajectory and significantly strengthens PainTEQ’s ability to improve the quality of life for an even greater number of patients living with SI joint pain.”
Supported by clinical evidence, LinQ system has been designed by the US-based PainTEQ as a safe, minimally invasive choice for patients experiencing SI joint dysfunction.
A single LinQ implant with a sizable graft window can be inserted into the SI joint without any drilling to aid stabilisation and create the perfect environment for long-term fusion, the medical device company said.
PainTEQ claimed that the SI joint stabilisation system has shown positive outcomes and a strong safety profile for patients. To date, over 8,000 LinQ treatments have already been performed in the US.
MVolution Partners founding partner Mike Weinmann said: “We are impressed by LinQ’s proven ability to generate positive patient outcomes through a simple, efficient, and safe therapy using the best instrumentation set for SI joint procedures.
“Our IP-backed financing will enable PainTEQ to fulfil its mission of helping millions of patients suffering from SI joint pain and dysfunction. We look forward to working with Sean and the rest of PainTEQ’s senior management team.”
PainTEQ is engaged in the development of minimally invasive SI joint fusion procedures for patients with incapacitating lower back pain.