Providence Medical raises $12m

Cervical spine-focused Providence Medical said today it raised $12 million in a new round of equity financing to help support its Dtrax platform of implants and instruments for cervical fusion.

The round saw participation from existing investors Stanmore Medical Investments, Aphelion Capital and a newly established debt facility with Silicon Valley Bank, the Lafayette, Calif.-based company said.

“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,” CEO Jeff Smith said in a press release.

Providence also announced it tagged Jason Hoffman, formerly of ArjoHuntleigh and Kinetic Concepts, to serve as its vice president of global sales. Hoffman spent 4 years with ArjoHuntleigh as veep of U.S. sales for therapeutic support systems, and had 13 years at Johnson & Johnson (NYSE:JNJ) before that.

“Jason is a seasoned sales leader who has successfully driven impressive top-line growth for major medical device and life sciences companies. He brings outstanding strategic and tactical sales leadership skills to further enable the rapid growth and surgeon adoption of our DTrax cervical fusion portfolio,” Smith said in prepared remarks.

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