Pitango Venture Capital has led a $23 million financing round in Vertos Medical Inc. The US company has pioneered the mild(R) procedure - a safe, outpatient procedure that can help patients diagnosed with lumbar spinal stenosis (LSS) stand longer and walk farther with less pain. The proceeds will be used to fund US commercial expansion and the launch of mild in European markets.
Pitango was joined by existing US investors including ONSET Ventures, CHL Medical Partners, Foundation Medical Partners, Mercury Fund and Aweida Venture Partners.
Pitango general partner Ittai Harel, who has joined the company's board, said: "Vertos Medical presents a compelling investment opportunity. We are enthusiastic about the novel mild procedure and are especially impressed by the team's progress and achievements to date."
He added, "25% of Pitango's capital is invested in the life science sector."
Published by Globes [online], Israel business news - www.globes-online.com - on June 19, 2013
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