Bengaluru: Providence Medical Technology, a California-based healthcare technology firm, announces that is has successfully closed $12 million in its Series D funding round from its existing investors Stanmore Medical Investments and Aphelion Capital along with Silicon Valley Bank investing an undisclosed amount in this financing. The company plans to shell-out the fresh funds in further commercializing and expanding its DTRAX cervical fusion products which help the patients suffering from cervical degenerative disc disease.
Speaking about their new fundraising, Jeff Smith, CEO, Providence Medical Technology, says, “We are expanding our portfolio of cervical fusion products to address the majority of cervical pathologies requiring surgery. Our focus is on differentiated, tissue-sparing devices and instruments that are designed to improve clinical outcomes, minimize complications, increase procedural efficiency, and reduce recovery times. With our new financing, we can accelerate our research and development activities to broaden our innovative product portfolio and further scale our global sales and marketing capabilities”.
During the occasion, the company also announced the appointment of Jason Hoffman as the new VP of global sales. Hoffman brings with him 20 years of experience in sales and marketing across various medical device and life science industries. In his previous role, he was the VP of U.S. sales, Therapeutic Support Systems and has worked with Johnson & Johnson for 13 years in various sales and marketing leadership roles.
“Jason is a seasoned sales leader who has successfully driven impressive top-line growth for major medical device and life sciences companies,” says Smith. “He brings outstanding strategic and tactical sales leadership skills to further enable the rapid growth and surgeon adoption of our DTRAX® cervical fusion portfolio,” he added.
Headquartered in California, Providence Medical Technology, Inc. is a privately-held medical device company, founded in 2008 by Jeff Smith, Edward Eyster and Bruce McCormack. It develops innovative solutions to address the $1 billion patients worldwide who are suffering from cervical spine issues. The company mainly focuses on commercializing its DTRAX® platform of single-use tissue-sparing implants and instruments for cervical fusion. It also develops other technologies which will increase the success rate of cervical spine procedures for both physicians and patients.