PainTEQ, a Tampa-based medical tech company, has secured a sizeable investment of $35 million. The funds are intended to boost the company's efforts in advancing healthcare solutions for lower back pain.
MVolution Partners, a funding firm, provided the investment based on the strength of PainTEQ's intellectual property. This kind of funding, known as "non-dilutive growth capital," means the company doesn't have to give away any ownership in exchange for the money.
The funds are earmarked for increasing the reach of PainTEQ's LinQ system. LinQ is a type of implant that helps stabilize the sacroiliac joint (the connection between the spine and the pelvis). This stabilization aims to alleviate pain in patients with problems in this joint.
LinQ is unique because it's less invasive than other treatment options. It doesn't require any drilling, a big plus for patients. Since its introduction, over 8,000 LinQ procedures have been performed in the United States, showing that there's significant demand for this kind of solution.
PainTEQ's CEO, Sean LaNeve, was pleased with the funding, stating, "This strategic funding allows us to speed up our growth and significantly strengthens PainTEQ’s ability to improve the quality of life for an even greater number of patients living with SI joint pain."
Mike Weinmann, a founding partner at MVolution Partners, also shared his excitement. He said, "Our IP-backed financing will enable PainTEQ to fulfill its mission of helping millions of patients suffering from SI joint pain and dysfunction. We look forward to working with Sean and the rest of PainTEQ’s senior management team."
The deal showcases PainTEQ's commitment to innovation in healthcare and brings hope for more effective treatment options for individuals suffering from lower back pain.