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Medical Device Daily: Financings: Vertiflex, Inc.

February 02, 2011 - Medical Device Daily

VertiFlex (San Clemente, California), a maker of percutaneous and motion preserving spinal surgery technologies, reported the completion of a $14 million equity placement, with provision for an additional $14 million investment within twelve months. Current investors Aberdare Ventures, Alta Partners and New Enterprise Associates were joined in the fi nancing by new investor Thomas, McNerney & Partners.

The new capital will be used to complete enrollment in the Superion Interspinous Spacer (ISS) IDE trial before the end of 2011, and to advance global market development of the technology.

“We are very pleased with the continued confidence placed in us by our current investors, and welcome Thomas, McNerney & Partners,” said Earl Fender, president/CEO of VertiFlex. “Enrollment in the Superion IDE trial is ahead of plan and will be completed within 2011. We recently surpassed the 275 patient enrollment mark, and are highly encouraged by the clinical results to date, which are consistent with data from two independent studies of the Superion device outside the U.S.”

The Superion IDE trial is a prospective, multi-center, randomized but unblinded clinical trial, studying the safety and efficacy of the Superion ISS compared to the X-Stop IPD from Medtronic (Minneapolis), in patients with moderate lumbar spinal stenosis.