Providence Medical Technology develops tissue-sparing surgical equipment and implants for posterior cervical fusion surgery. The company’s flagship DTRAX® Spinal Instrumentation System is indicated for posterior cervical fusion and was recently cleared by the FDA. The DTRAX system is approved at over 1,800 hospitals in the United States. Other products include CAVUX® intervertebral implants, ALLY® bone and facet screws, and ENTRUS™ Allograft Bone; all products are sterile-packaged and single-use. Providence closed a $25M equity financing and has raised a total of $53M in equity financing since 2008. The company plans to use the funds to accelerate commercial expansion and clinical development of its DTRAX line. Providence is led by CEO Jeff Smith and is based in Pleasanton, California. Providence Medical Technology develops tissue-sparing cervical-fusion instruments and implants, centered on its single-use DTRAX platform and CAVUX cervical cages. The company also markets ALLY screw systems and BIOLOGIX allograft bone as part of its cervical-fusion product family. Led by CEO Jeff Smith, Providence focuses on commercializing technologies that improve cervical spine procedures for physicians and patients. The company closed a $10.5M equity financing to advance commercialization and expand its cervical-fusion portfolio. The financing will support further commercialization efforts and continued product portfolio growth. Providence is based in Walnut Creek, California. Providence Medical Technology develops the DTRAX platform of single-use, tissue-sparing implants and instruments for cervical fusion to treat cervical degenerative disc disease. The company focuses on differentiated devices intended to improve clinical outcomes, minimize complications, increase procedural efficiency, and reduce recovery times. Providence plans to expand its portfolio to address the majority of cervical pathologies requiring surgery and to broaden its R&D activities. Proceeds from its recent financing will be used to further commercialize the DTRAX products and to scale global sales and marketing capabilities. The company is privately held and targets the roughly $1 billion worldwide cervical spine market. Providence also appointed Jason Hoffman as Vice President of Global Sales to lead expanded domestic and international commercialization efforts. Providence Medical Technology develops minimally invasive solutions addressing the cervical spine market and is commercializing the DTRAX platform, including the DTRAX Cervical Cage. The DTRAX Cervical Cage received 510(k) clearance earlier in the year, and U.S. surgeon training began in November 2013. The company reports its U.S. launch is underway and surgeon acceptance of indirect decompression and fusion has been encouraging. Providence has signed over 15 independent distributors and now has over 150 sales representatives bringing the technology to spine surgeons. Proceeds from the recent financing are intended to fund U.S. sales, marketing, training, and clinical activities, including hiring direct sales employees and initiating prospective clinical trials. The company is targeting the approximately $1 billion worldwide cervical spine market.

Total raised

$54M

Funding rounds

5

Latest round

Equity

Latest activity

Sep 2018