Stratus Medical has raised US$10m to complete development of its lower back pain treatment technology for interventional radiology.
Founded in 2019 and based in Texas, the company makes tools for interventional radiologists and other providers performing radiofrequency heat lesion procedures for lower back pain.
Radiofrequency heat lesion procedures use heat to destroy nerves that are driving pain signals.
Bret Boudousquie, chief executive, said: “Stratus Medical is proud to work with outstanding physicians, hospitals and ASCs, and we are anxious to deliver additional value with our future radiofrequency technologies that this financing enables us to complete.”
Proceeds from the financing round will be used to complete development of the company’s radiofrequency generator and nerve ablation technology.
The funds will also be used to expand and protect the firm’s patent portfolio and fund a clinical study.
The series B financing was led by Wasatch Health Partners, a Salt Lake City-based healthcare investment firm, after previously providing the device-maker with a US$25m debt facility.
Luke Larsen, vice president of Wasatch Health Partners, said: “The company has demonstrated strong execution, consistent revenue growth, and meaningful progress across technology development and clinical initiatives.
“We believe the management team is well-positioned to continue building on this momentum.”
