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Intrinsic Therapeutics Completes $52m Financing to Fuel Commercial Efforts in the United States to Benefit Lumbar Discectomy Patients
BOSTON, April 11, 2019 /PRNewswire/ -- Intrinsic Therapeutics, Inc., a medical device company focusing on surgeries to treat leg and low back pain resulting from ruptured lumbar discs with large anular defects, today announced a $52m Series Growth equity financing. Questa Capital led the round, with participation from existing investors New Enterprise Associates (NEA), Greenspring Associates, Quadrille, and Delos Capital.
"We are extremely pleased that Questa led this financing to support our U.S. commercialization efforts for the Barricaid® device," said Cary Hagan, CEO, Intrinsic Therapeutics. "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."
Approximately 400,000 discectomies are performed in the US each year in a relatively young and active patient population. Intrinsic's Barricaid® device is designed to seal the opening in the outer portion of the disc (the anulus) post-discectomy surgery to prevent future reherniations that may cause a return of symptoms and require additional surgery. In a large randomized clinical trial, the Barricaid®device was proven to reduce reherniation, rehospitalization and reoperation rates by approximately 50% at the study endpoint of two years, with continued statistically significant benefit through five years of follow-up.
"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," said Ryan Drant, Founder and Managing Director of Questa Capital, who will represent Questa on Intrinsic's Board of Directors. "The odds of a patient not returning to work are nearly three times higher after a revision surgery, therefore preventing reherniation is critical."
"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," stated Dr. Wellington Hsu, Professor of Orthopaedic and Neurological Surgery at Northwestern University.
About Intrinsic Therapeutics
Intrinsic Therapeutics is a medical device company focused on delivering a safe treatment to improve outcomes in patients who are at a disproportionately high risk of requiring repeat surgeries due to reherniation following lumbar discectomy surgery. The device has been studied in seven distinct patient populations, including a large randomized controlled trial, where the device was demonstrated to be superior to the standard of care. See www.barricaid.com for more information.
Barricaid® is a registered trademark of Intrinsic Therapeutics, Inc.
Cary P. Hagan, CEO
Intrinsic Therapeutics, Inc.
+1 781 932-0222
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SOURCE Intrinsic Therapeutics, Inc.