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Providence Medical Technology announces new equity financing for cervical-fusion technology

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Providence Medical Technology Inc. announced it has closed $10.5 million in new equity financing to be used for the commercialization and expansion of its portfolio of cervical-fusion technology.

According to a company press release, the financing was led by MVM Life Science Partners, which will join the Providence board of directors. Other participants in the deal included Stanmore Medical Investments, Aphelion Capital and other existing private investors.

“I am thrilled MVM is joining our group of supportive investors. MVM’s deep scientific expertise and success globally commercializing medical technologies make them an ideal partner for Providence,” Jeff Smith, Providence chief executive officer, said in the release.

He added, “We are excited by the continued growth of our business and wide adoption of our innovative, cervical-fusion technology. With our expanding product offering and growing body of clinical evidence, surgeons are increasingly choosing Providence. We are so pleased that our products are resulting in positive patient outcomes and resonating with spine surgeons and hospital administrators alike.”

Reference:

www.providencemt.com