3Spine Raises $33M in Series C Funding Round
3Spine has raised US$33 million in an oversubscribed Series C private offering, the proceeds of which will be used to fund a Phase 2 clinical study of its BalancedBack total joint replacement procedure in the United States.
The company’s MOTUS device, the implant used in the BalancedBack total joint replacement procedure, replaces disc and facet joint function with a posterior approach.
According to 3Spine, the procedure comprehensively treats leg pain, back pain and spinal instability, while correcting posture and restoring freedom of movement by rebuilding the functional spinal unit. The company says its technology is the only 1:1 replacement for lumbar spinal fusion.
MOTUS received Breakthrough Device Designation from the United States Food and Drug Administration (FDA) in September 2020 and in January 2022 the American Medical Association assigned a CPT code to track outpatient use of total cell replacement. lumbar joint as a new procedure.
Phase 1 clinical results are published and 3Spine is currently recruiting a prospective study of 150 patients on real evidence at 16 clinical sites in 11 states. The company is additionally recruiting three prospective longitudinal cohorts outside of the United States for single-level disease, bi-level disease, and joint replacement adjacent to existing fusion constructs. 3Spine expects Investigational Device Exemption (IDE) approval early in the second quarter.
Healthcare investor Byron DeFoor, who led the offering, said: “I have watched this technology mature over 15 years to the point that it is now one of the most studied biomechanical devices in the world. history of spine surgery.
“The capital we have raised from private sources is a testament to this opportunity. Like many people in America, I have personal experience with spinal fusion. We can do better. 3Spine’s movement-based approach has the ability to improve the daily lives of millions of people.
3Spine was founded by Scott Hodges, Craig Humphreys and Marc Peterman. Peterman, CEO of the company, commented, “Hips and knees are among the most successful procedures in all of medicine. It’s common sense to develop total articulation for the lower back, but it’s a very difficult technical challenge. Scott and Craig refined this transformational concept to be repeatable and teachable.
Spine Surgeon, Alex Sielatycki (Steamboat Springs, USA), added: “I believe we now have the ‘Holy Grail’ of surgical spine care. Our published Phase 1 clinical results are truly remarkable and I am excited to participate in Phase 2 as an IDE site. I expect the next generation of spine surgeons to center all of their practices around MOTUS and the preservation of spinal motion. My patients want nothing less.
To date, the company has raised a total of $50.3 million from private investors.