Si-Bone, a medical device company that is pioneering the use of a minimally invasive surgical device to treat the sacroiliac joint, has closed USD11.0m in financing for expansion of clinical and commercial operations.
The financing round was led by new investor Skyline Ventures of Palo Alto, California.
The primary purposes of the financing are to increase investment in worldwide sales and marketing operations; expand the company’s clinical efforts through a retrospective minimally invasive surgical sacroiliac joint treatment study, a prospective multi-centre study, a European prospective study, additional post-market case studies and an animal study validating arthrodesis with the iFuse implant to further establish clinical efficacy; and educate spine surgeons and referring specialists in the US and Europe.
Glenn Reicin, a partner at Skyline Ventures, will join the Si-Bone board of directors. Reicin joined Skyline as a partner in October 2008. From 1993 to 2008, he was a managing director at Morgan Stanley, covering medical devices.
"One of the reasons we invested in Si-Bone is our belief that the number of patients who suffer from sacroiliac joint dysfunction is large and dramatically underserved. Further, we believe that the minimally invasive technology and procedure invented by Dr. Mark Reiley has huge potential based on early patient results that the surgeons currently using the procedure are seeing. We are very confident in the management team led by Jeff Dunn, president and chief executive. We look forward to helping them accomplish their mission of helping many patients worldwide," says Reicin.
Jeff Dunn, chief executive of Si-Bone, adds: "We are pleased that our colleagues at Skyline have agreed to bring their extensive clinical and business experience to our commercial efforts. We expect to benefit from their insights and expertise through Glenn’s board participation. The financing will further help position iFuse as the frontline minimally invasive surgical therapy for patients with sacroiliac joint syndromes who are unresponsive to conservative therapy."
