Vertebral Technologies, inc. raises $3.5 million series B financing
New funds to support growth of minimally invasive modular InterFuse® technology
We believe VTI’s modular technology has the potential to significantly disrupt the current spine market— Matt Kyle, CEOMINNEAPOLIS, MN, UNITED STATES, November 17, 2015 /EINPresswire.com/ -- Vertebral Technologies, Inc. (VTI), a differentiated spinal solutions company, today announced that it closed the first tranche of a $3.5 million Series B financing utilizing the EB-5 immigrant investor program. Proceeds from the funding will provide growth capital for VTI’s commercialization of its expandable, modular- interbody device suite designed to alleviate painful spine conditions.
As part of this first tranche of Series B financing, VTI will focus on expanding its manufacturing and inventory capacities concurrent with its sales team. “We believe VTI’s modular technology has the potential to significantly disrupt the current spine market,” said Matt Kyle, CEO at Vertebral Technologies, Inc. “We are excited about the opportunity that this financing gives VTI to grow market awareness and position.”
VTI’s proprietary, intra-operative assembly™ technology gives surgeons the ability to implant a large, biomechanically stable implant through a smaller access channel than with currently available lumbar fusion products. The device is implanted one module at a time, through a small access channel. The fully-assembled implant provides a larger surface area and an anatomical lock, resulting in less likelihood of subsidence or migration.
EB-5 is an investor visa program administered by the United States Citizenship and Immigration Services (USCIS) to stimulate the U.S. economy through the creation of jobs and capital investments in U.S. companies by foreign investors. VTI noted that it continues to await approval by the USCIS of the final I-526 Petitions for this project, with another $3.5 million in escrow as of Monday.
About Vertebral Technologies, Inc.
Vertebral Technologies, Inc. (VTI) is a privately held company based in Minnetonka, MN, USA. VTI is dedicated to the design, development, manufacturing and marketing of medical devices to address painful conditions of the spine through less-invasive surgical approaches. Founded in 2005, VTI’s products utilize its unique modular-assembly technology to deliver solutions optimized for both surgeons and their patients. VTI has sold over 6,500 InterFuse modular interbody fusion devices worldwide to-date.
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