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Tampa-based PainTEQ, a medical device company seeking to treat lower back pain, says it has closed on a new round of $35 million in financing from MVolution Partners LLC.
The financing is non-dilutive growth cash, PainTEQ says, with the net proceeds to be used to expand the commercialization of PainTEQ's LinQ product. LinQ is an implantable sacroiliac joint stabilization system. The cash will also support research and development efforts to care for patients with sacroiliac joint pain and dysfunction.
PainTEQ officials say the implantation is done without any drilling, with a single LinQ implant and a large graft window placed into the sacroiliac joint to promote stabilization and create long-term fusion. PainTEQ says the product has an excellent safety profile, with more than 8,000 LinQ procedures have performed in the United States.
Sean LaNeve, CEO of PainTEQ, says the financing shows the potential that PainTEQ and LinQ have.
"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 (sacroiliac) joint pain," says LaNeve in a statement.
Mike Weinmann, MVolution Partners co-founder, says he was "impressed by LinQ's proven ability to generate positive patient outcomes through a simple, efficient and safe therapy using the best instrumentation set for (sacroiliac) joint procedures."
MVolution Partners provides capital up to $100 million to companies with significant intellectual property assets, according to its Monday statement. MVolution Partners says it targets investments in North America and Europe, and has been involved in $4 billion of principal investments.
PainTEQ moved into a Westshore headquarters in November 2019. It was named to 2020's Inc. 5000, ranked No. 650, with revenue growth of 720% over three years, from 2017 to 2019.
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