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news.Vertos Medical, a medical device manufacturer focusing on minimally invasive treatment for lumbar spinal stenosis, has closed a series C financing round of $12 million with venture capital firms active in medical technology.
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The lead investors were CHL Medical Partners and Foundation Medical Partners and were joined in the round by previous investors Aweida Venture Partners and DFJ Mercury. In connection with the financing, Myles Greenberg of CHL and Andrew Firlik of Foundation have joined Vertos’s board of directors.
The proceeds of the recent round will be used to expand the Vertos product portfolio and support the commercial launch of the company’s proprietary Mild devices. The Mild (minimally invasive lumbar decompression) procedure is a simple, percutaneous, fluoroscopically guided treatment for lumbar spinal stenosis (LSS). Vertos has obtained the FDA clearance for sale of the Mild devices in the US.
Myles Greenberg, partner at CHL, said: “Vertos is pioneering a very exciting new treatment for LSS utilizing the gold standard technique of decompression through a novel, minimally invasive approach. We are looking forward to working with Vertos’s talented management team to make this less invasive treatment widely available to those suffering with this painful and debilitating condition.”