ALISO VIEJO, Calif., June 7, 2023 — Vertos Medical Inc., a leader in the development of innovative, minimally invasive treatments for lumbar spinal stenosis (LSS), announced today that it has raised $26 million in an oversubscribed Series C equity funding round. The financing was led by new investor Norwest Venture Partners with participation from existing investors including Pitango Venture Capital.
“We are thrilled to have Norwest join our investor group,” said Eric Wichems, President and CEO of Vertos Medical. “Their proven track record of driving success in commercial-stage companies makes them an invaluable asset to our team. With their support, we are confident in our ability to accelerate our commercial expansion and achieve our goal of making the mild® Procedure accessible to every patient suffering from LSS in the United States.”
In addition to expanding patient access to the mild® Procedure, the funding will support research and development efforts aimed at advancing care for patients with chronic low back pain. By investing in these critical areas, Vertos is poised to make a meaningful impact in the lives of patients suffering from LSS and chronic low back pain.
Vertos is experiencing a significant increase in demand for its groundbreaking procedure and more than 70,000 patients have been treated in the United States. The company’s rapid revenue growth of 348% between 2018 and 2021 led Deloitte to rank the company #384 on its prestigious Deloitte Technology Fast 500™ list in November 2022.
Dr. Zack Scott, General Partner at Norwest Venture Partners, will join Vertos’ Board of Directors. Dr. Scott has extensive experience helping successful medical technology companies scale such as Cianna Medical, Coherex Medical, Evidation Health, Providence Medical Technology, Respicardia, Spiration, and Syapse.
“Lumbar spinal stenosis impacts one in five Americans over the age of 60 and Vertos’ procedure can help restore mobility and greatly improve the quality of life for these patients,” said Dr. Scott, General Partner at Norwest Venture Partners. “Vertos directly aligns with our goal of partnering with companies that are focused on making a meaningful impact on patient outcomes and improving the healthcare system for all stakeholders. We look forward to working with the Vertos team as they continue their mission to help patients suffering from chronic low back pain reclaim their quality of life.”
About Vertos Medical Inc. and the mild® Procedure
Vertos Medical is an interventional pain company committed to developing innovative, minimally invasive treatments for lumbar spinal stenosis (LSS). mild®, its proprietary technology, is an image-guided outpatient procedure that removes a major root cause of lumbar spinal stenosis (LSS) through an incision smaller than the size of baby aspirin and doesn’t require implants, general anesthesia, or stitches. The mild® Procedure has been clinically demonstrated to have safety outcomes similar to injections with durability out to 5 years, and patients typically return to activities of daily living within 24 hours with no restrictions. mild® is nationally covered by Medicare.
In November 2022, Vertos Medical joined an elite group by ranking 384 on the Deloitte Technology Fast 500™, a ranking of the most innovative, fastest-growing public and private companies from North America. This recognition highlights Vertos Medical’s exceptional growth and relentless pursuit of improving the quality of patients’ lives. Vertos Medical headquarters is located in Aliso Viejo, CA.
To learn more and view clinical data, visit www.Vertosmed.com.
About Norwest Venture Partners
Norwest is a leading venture and growth equity investment firm managing more than $12.5 billion in capital. Since its inception, Norwest has invested in more than 650 companies and currently partners with more than 200 companies in its venture and growth equity portfolio. The firm invests in early- to late-stage businesses across a wide range of sectors with a focus on consumer, enterprise, and healthcare. The Norwest team offers a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Menlo Park and San Francisco, with subsidiaries in India and Israel. For more information, please visit www.nvp.com. Follow Norwest on Twitter @NorwestVP.
SOURCE Vertos Medical Inc.
