SpinaFX Completes its Series B Funding Round

December 18, 2024 |

5 min read

Advancing Innovative Spinal Treatment for Contained Herniated Discs

TORONTO, Dec. 18, 2024 /CNW/ - SpinaFX Medical Inc., an innovator in minimally invasive image-guided spinal care solutions, proudly announces the successful completion of its Series B funding round, raising its last tranche of CAD $5.3 million.

“This investment, led by a strategic investor, highlights the growing trust in SpinaFX’s groundbreaking technology to address the global burden of back pain. It supports our continued efforts to secure regulatory approvals, driving commercialization, and expanding innovations with our next-generation solution as we seek to advance spinal care. Our mission is to provide an effective solution for the millions of patients suffering from debilitating back pain worldwide.”
Jeff Cambra
CEO, SpinaFX

One Step Closer to Reducing the Back Pain Cost Burden

Back pain, the leading cause of workdays lost globally, affects up to 80% of adults, with 1–3% suffering from symptomatic herniated discs. in the U.S. alone it’s costing $134.5 billion annually, surpassing diabetes and heart disease.

There is a growing demand for minimally invasive treatment modalities and moving procedures out of the hospital setting to Ambulatory Surgery Centers and Outpatient Clinics, resulting in reduced costs, increased access to treatment, and shortening time of patient recovery.

SpinaFX, a Toronto-based medical device solutions company is committed to minimally invasive image-guided treatments that can be done in simple procedure rooms safely and cost-effectively, aiming to improve access to care.

“SpinaFX’s minimally invasive solution aims to address treatment gaps for patients with contained herniated discs, with the potential to offer new options as ongoing studies progress.”

Dr. Douglas P. Beall
SpinaFX’s Medical Advisor, Director of Interventional Spine Care at Comprehensive Specialty Care & Spine Fracture Institute

Addressing the Therapeutic Gap in Back Pain Care

After failed conservative treatments for back pain, surgery is often the only treatment option. SpinaFX is addressing this therapeutic gap with a minimally invasive, image-guided therapy for contained herniated discs, called Triojection® a not yet approved therapy, which consists in delivering an ozone-oxygen mixture into the disc. Preliminary data from studies indicates the potential of this outpatient procedure to address disc volume and related nerve pressure, pending further clinical validation and regulatory approval.

A recent study, published in the Spine Journal in 2022, explored the potential outcomes of the procedure alongside traditional surgical methods and was honored with the prestigious ‘Abstract of the Year’ award at the Plenary Presentation of the Society of Interventional Radiology.

Explore the full study by visiting the following link: The Spine Journal.

Dr. Joshua Hirsch, Director of Interventional Neuroradiology at Massachusetts General Hospital, Director of Interventional Neuroradiology, Chief of the Interventional Spine Service at Massachusetts General Hospital highlights the importance of bringing new modalities for the treatment of back pain:

“There are gaps in every step along the way. Most importantly, perhaps, they are related to delivery within the continuum of care. We should have a best practice approach toward treating these patients.”

A Vision for the Future

“I have been working on intradiscal ozone injection for 18 years. SpinaFX is now dedicated to bringing this innovation to market, working to address the therapeutic gap between failed conservative care and surgery for debilitating back pain.”

Dr. Kieran Murphy
Founder, Chairman and Chief Medical Officer, SpinaFX

By combining cutting-edge ideas, strategic partnerships, and state-of-the-art technologies, SpinaFX is transforming spinal care to improve access, reduce costs, and provide effective, patient-centered solutions for back pain.

For more information, visit https://spinafx.com/

About SpinaFX

Headquartered in Toronto, Canada, SpinaFX is a medical device company working on bringing innovative, minimally invasive image-guided treatments to patients with back pain due to contained herniated discs.

Forward-Looking Statement

This news release contains predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance, referred to herein as “forward-looking statements”, which are made as of the date of this news release or as of the effective date of information described in this release, as applicable. The forward-looking statements address anticipated events or occurrences which may include economic factors, industry trends, market demand, and corporate performance and profitability, that may have an impact on SpinaFX’s success. Forward-looking statements are often identified through words or expressions including “expects”, “anticipates”, “plans”, “projects”, “estimates”, “envisages”, “assumes”, “intends”, “strategy”, “goals”, “objectives” or variations thereof or stating that certain actions, events or results “may”, “can”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions.

All forward-looking statements are based on current beliefs as well as various assumptions made by, and information currently available to SpinaFX’s management team. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections, and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution any person reviewing this news release not to place undue reliance on these forward-looking statements as several important factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. Neither SpinaFX nor its representatives undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by SpinaFX or its representatives or on behalf of either of them, except as may be required by law.

Contact:

Yuliya Galycheva

Head of Marketing Communications, SpinaFX

yuliyag@spinafx.com

https://spinafx.com