SI-BONE announces completion of growth capital round of financing

SI-BONE Inc. announced the completion of a $33 million growth capital round of financing, according to a press release.

“This is an incredibly exciting time for our company as we anticipate significant growth in the coming years" Jeffrey Dunn, President and CEO, stated in a press release. “The strong clinical evidence supporting MIS SI joint fusion, the AMA’s decision in March to establish a Category 1 CPT code for the procedure, along with the increasing adoption and demand for iFuse by surgeons in the U.S. and around the world further validates our belief that minimally invasive fusion of the SI joint is being recognized as the standard surgical treatment option.”

According to the press release, SI-BONE will use proceeds from the investment expand the U.S. sales organization and add additional resources in research and development, medical affairs, regulatory, compliance and reimbursement. In addition, the company will further expand operations outside the U.S. by pursuing regulatory approvals in countries in Asia, the Middle East and South America and initiating commercialization in Australia, New Zealand and Hong Kong.

The investment will also be used to continue funding the company’s three ongoing prospective clinical studies, according to the press release.