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Print Edition StoriesWednesday, July 8, 2009
Morgenthaler leads $20M VC round for Calif. med device firm
By Brendan Lynch
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Relievant Medsystems Inc., a California-based medical devices company, has raised $20 million in venture funding from investors led by Morgenthaler Ventures, which has an office in Boston.
The funding is a Series C round that also included Emergent Medical Partners, Onset Ventures and Canaan Partners, which has a location in Westport, Conn. Relievant, which makes medical devices to treat chronic back pain, has previously raised $9 million in funding. Morgenthaler partner Hank Plain will join Relievant’s board of directors.
Relievant said the financing will fund clinical reasearch and the launch of the company’s product, Intracept System. The Intracept System technology, which comes from Baylor University’s College of Medicine, is intended to treat chronic back pain with a minimally invasive surgical procedure, in order to avoid more invasive surgery or increased medication.
In March, Morgenthaler took part in a $14 million round of financing in Cambridge stem cell research and technology firm Stemgent Inc. And in January, Morgenthaler participated in a $30 million tranche of a $60 million round for Palo Alto, Calif.-based medical devices company Ardian Inc.
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