Minnetonka-based medical device maker
Anulex disclosed last week that it's raised about $18.3 million in new venture capital.
The company makes a product that lets doctors repair spinal tissue that's punctured during herniated-disc surgeries.
Xclose has been on the market since 2007, but there's still little clinical data about its effectiveness, which makes collecting reimbursements from insurers more difficult.
David Noel, vice president of finance and chief financial officer for Anulex, said the funding will allow the company to continue a two-year clinical study it started in 2009, as well as further commercialization and product development efforts.
About 10 percent of
herniated disks require a surgery called a
diskectomy that involves removing the part of the disc that's coming in contact with nerves. The soft, outer layer of the disc typically isn't sewn up after the procedure because it's difficult to reach.
"It's been very, very difficult to get down there and suture that defect. Our product allows the surgeon to go in there and in approximate and bring that tissue together," Noel said. "We believe that if you're able to do that you're going to have a better result, and that's what our clinical study is intended to prove."
The 750 patients enrolled in the study will have a one-year follow-up in August and a more intensive two-year check-in next year. The company hopes the results will assist in with both marketing and establishing an insurance reimbursement code.
Source: David Noel, Anulex
Writer:
Dan Haugen