Intrinsic Therapeutics said today that it raised $52 million in a new round of equity financing to support the U.S. commercialization of its Barricaid annulus seal.
The Boston-based company’s Barricaid implant is a polymeric mesh that is designed to sit at the posterior intervertebral disc space and is connected to a metal anchor that is attached to the vertebral body. The device is intended as an adjunct for lumbar limited discectomy to replace missing or damaged parts of the annulus to prevent re-herniation, disc collapse, the return of sciatica and potentially to help stave off low back pain.
Intrinsic Therapeutics won FDA approval for the Barricaid in February despite the fact that the prosthesis received a 5-8 advisory panel against recommending approval in December 2017.
“Recurrent lumbar disc herniations have been shown to cause significant disability for patients and expense for our healthcare systems. The Barricaid clinical trial highlights a technology that can reduce the burden from this spinal condition which deserves close evaluation from all who manage this complication,” Dr. Wellington Hsu of Northwestern University said in prepared remarks.
The Series Growth equity round was led by Questa Capital and joined by existing investors New Enterprise Associates, Greenspring Associates, Quadrille and Delos Capital.
“Questa invests in healthcare innovations that deliver value by providing improved clinical outcomes at an acceptable cost. By cutting reoperation rates in half, Barricaid can help prevent chronic disability, improve quality of life, and prevent a degenerative spiral. The odds of a patient not returning to work are nearly three times higher after a revision surgery, therefore preventing reherniation is critical,” Questa Capital founder & managing director Ryan Drant, who will join the company’s board of directors in connection with the financing, said in a prepared statement.
“We are extremely pleased that Questa led this financing to support our U.S. commercialization efforts for the Barricaid device. Meaningful clinical data demonstrate that treatment with Barricaid can reduce reherniations and repeat surgeries for patients, and we’re excited to welcome Questa to our fantastic group of investors as we execute a strategic market release in the United States,” Intrinsic Therapeutics CEO Cary Hagan said in a press release.