DFINE Inc., a maker of minimally invasive radiofrequency targeted therapies for the treatment of vertebral pathologies, closed a $25 million. Investors include OrbiMed Advisors, Prospect Venture Partners, Split Rock Partners, BBT Fund/Apothecary Capital, Highland Capital Management and Vanguard Ventures.
DFINE, Inc., the developer of minimally invasive radiofrequency (RF) targeted therapies for the treatment of vertebral pathologies, announced today the closing of a $25 million round of equity financing. The financing included current investors OrbiMed Advisors, Prospect Venture Partners, Split Rock Partners, BBT Fund/Apothecary Capital, Highland Capital Management, and Vanguard Ventures, and the first $15 million of the two-tranche round has been drawn down.
The financing enables DFINE to make a greater investment in its launch of the Spinal Tumor Ablation with Radiofrequency (STAR™) System later this year and in early 2012. Emphasis will include the initiation of clinical studies necessary to build a body of evidence in favor of the treatment, and clinical marketing initiatives to support its commercial uptake. The company will also allocate funds for other pipeline projects and the continued expansion of its sales organization.
“DFINE’s platform technology represents a generational advance over conventional therapies and provides physicians with tools to treat patients with enhanced precision and control,” said Josh Baltzell, managing director of Split Rock Partners. “We continue to be impressed with the company’s growth and believe in the strong product pipeline and strategic direction of the company.”
“We are pleased to have the continued support of our current investors as we further demonstrate the clinical acceptance of our products and versatility of our platform in the marketplace,” said Kevin Mosher, chief executive officer of DFINE. “This financing enables us to continue to scale our business while enhancing profitability.”
DFINE is dedicated to relieving pain and improving the quality of life for patients suffering from vertebral pathologies through innovative, minimally invasive therapies. DFINE’s devices are built upon an extensible radiofrequency (RF) platform that presently covers two procedural applications. The first application, the StabiliT® Vertebral Augmentation System and StabiliT® ER2 Bone Cement, harnesses the power of radiofrequency energy to repair fractured vertebrae. The company has received FDA 510(k) clearance for a second application, the STAR™ Ablation System, for the palliative treatment of spinal tumors. The STAR system will be commercially available later this year. DFINE is based in San Jose, Calif. and is privately held.