Spine Wave Inc., a developer of spinal disorder devices, raised $17.5 million in a funding round led by return backer New Enterprise Associates.
The Shelton, Conn.-based company also had contributing investments from Morgenthaler Ventures, Compass Global Fund, New Leaf Venture Partners, Canaan Partners, Foundation Medical Partners and Memphis Implant Partners.
Spine Wave officials said in a press release that it will use the $17.5 million to grow its commercial operations and help bring its NuCore Injectable Nucleus to clinical trials. The NuCore device is an injectable protein hydrogel designed to treat early signs of degenerative disc disease without surgery, according to the Spine Wave website.
Spine Wave’s medical device product offerings are made for spinal fusion, vertebral compression fracture repair, and nucleus replacement and augmentation.
The company most recently raised $45 million in a Series D financing round in April 2007 , which Spine Wave said it planned to use to increase U.S. and European sales of its spinal implants. The company took in its first financing, a $15 million Series A round, in 2002, when it acquired VERTx of Minnesota.