US-based medical device producer SI-Bone has closed a $21m funding round led by asset management firm Redline Capital Management that also featured all the company’s existing major investors, including pharmaceutical company Novo.
SI-Bone’s backers also include investment firm Orbimed, venture capital firm Skyline Ventures and private equity firm Montreux Equity Partners.
SI-Bone’s minimally invasive medical device, iFuse Implant System, treats lower back pain caused by disorders of the sacroiliac joint (pictured). The device has gained regulatory approval in both the US and Europe.
The company will use the new capital to support further expansion throughout the US and Europe, and will enter new markets in countries in the Middle East, Asia and South America.
SI-Bone also named Laura Francis as its new chief financial officer. Francis previously served as CFO of reproductive health company Auxogyn, which merged with fertility technology provider Fertility Authority last month, providing exits to pharmaceutical companies GlaxoSmithKline and Merck Serono.
Founded in 2008, SI-Bone has raised $82.5m in funding. Novo first invested in the company’s $33m series D round in 2014 alongside Orbimed, Montreux and Skyline.
– Image courtesy of SI-Bone