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September 20th, 2005
TranS1® Announces Series C Round
of Financing
TranS1 has created a unique approach to the lumbar
spine utilizing interventional radiology techniques. The
product allows for minimally invasive fusion of the anterior
interbody spine in the L5-S1 space – a procedure
that previously could only be performed with open surgery.
We believe that TranS1 can dominate the $800 million market
associated with these fusions. Below, the company report
raising capital to drive continued commercialization of
their FDA-approved device.
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TranS1®, Inc., a development stage company focused
on novel percutaneous products and procedures to treat
lower back pain, today announced that it has completed
a $25.7 million Series C round of financing. Thomas Weisel
Healthcare Ventures led the round, with Advanced Technology
Ventures (ATV), Delphi Ventures, Cutlass Capital and Sapient
Capital also participating. Proceeds from the financing
will be used for commercialization of Axial Lumbar Interbody
Fusion (AxiaLIF™) System and completing development
and initiation of clinical studies of the company's Percutaneous
Nucleus Replacement (PNR™) for early stage degenerative
disc disease. Forty to sixty percent of adults suffer
from chronic back pain in the U.S. every year, and more
than one million spine surgery procedures are performed
annually in this country. Medical costs to treat back
pain approach $24 billion per year.
TranS1® has developed a unique trans-sacral approach
to accessing the lumbar spine through a percutaneous 1”
incision. This unique, least invasive access enables surgeons
to perform a range of spine fusion, nucleus and disc replacement
procedures with specialized access instrumentation - avoiding
the dissection or penetration of any surrounding spinal
tissue. This spares the spine from further trauma and
reduces recovery time and discomfort for patients.
“We are very enthusiastic about TranS1’s percutaneous
approach to the spine. It is the only spinal access technology
platform that enables definitive therapy in a truly minimally
invasive manner, reducing operating room time and minimizing
patient recovery time", said James Shapiro, General
Partner at Thomas Weisel Healthcare Ventures and Kearny
Venture Partners. "We are also very excited about
working with Rick Randall again. The management team that
Rick and the Founders have assembled is outstanding, making
this a terrific opportunity for TWHVP."
TranS1 CEO Rick Randall said, "Leading investors
like Thomas Weisel, ATV, Cutlass Capital, Delphi Ventures
and Sapient Capital, are validating our early clinical
adoption of AxiaLIF and vision of percutaneous solutions
for a major leap forward in the lumbar spine surgery market.
Low back pain affects millions of individuals each year,
and our ability to make percutaneous spine fusion and
disc replacement capabilities available, without the need
to impact sensitive muscle, nerve and spinal support structures
in any way, are major milestones in the care of those
who suffer from serious spine disease."
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