Intrinsic Therapeutics Secures $52 Million in Equity Financing to Accelerate U.S. Commercialization of Barricaid for Lumbar Disc Herniation

VCBeat (WeChat ID: vcbeat) has learned that medical device company Intrinsic Therapeutics recently completed a $52 million equity financing round. The funds will be used to accelerate the commercialization of its products in the United States.

This round of financing was led by Questa Capital, with participation from New Enterprise Associates (NEA), Greenspring Associates, Quadrille Capital, and Delos Capital. Upon closing, Ryan Drant, Founder and Managing Director of Questa Capital, will join the Board of Directors of Intrinsic Therapeutics.

Intrinsic Therapeutics, founded in 2000 and headquartered in Massachusetts, USA, is a medical device company focused on providing medical devices for leg pain and back pain caused by lumbar disc herniation and large annular defects. The company’s flagship product is a medical assistive device called Barricaid Anular Closure.

Barricaid is a polymeric mesh device that can be implanted into the posterior space of the lumbar intervertebral disc and interconnected with metallic anchors on the vertebral bodies, thereby assisting in limited lumbar discectomy procedures. Furthermore, this device can replace missing or damaged portions of the annulus fibrosus to prevent postoperative recurrence of conditions such as lumbar disc reherniation, disc collapse, and sciatica.

Data show that approximately 400,000 discectomies are performed annually in the United States. Intrinsic Therapeutics’ Barricaid is primarily designed to seal the annular defect following discectomy, preventing recurrent lumbar disc herniation and other complications, thereby offering an improved postoperative recovery option for patients undergoing lumbar discectomy. Early clinical trials have demonstrated that Barricaid can reduce the rate of reoperation by 50%.

It is reported that the product received FDA approval in February this year and has been successfully launched in Europe, Australia, Mexico, South America, and the Middle East. Cary Hagan, CEO of Intrinsic Therapeutics, stated, “Recurrent lumbar disc herniation can lead to severe sequelae for patients. The use of Barricaid can help prevent chronic disability, improve quality of life, and mitigate the progression of degenerative changes. This financing will enable us to accelerate the commercialization of Barricaid in the United States.”

Ryan Drant, Founder and Managing Director of Questa Capital, also stated, “Barricaid represents a major innovation in the healthcare sector, and we are optimistic about its market prospects.”

Questa Capital is a venture capital firm headquartered in California, USA, primarily focused on the healthcare sector.

New Enterprise Associates is a venture capital firm that primarily invests in the technology and healthcare sectors. Since its establishment in 1977, the firm has completed 360 acquisitions and raised over $19 billion in funding.

Greenspring Associates is a globally leading venture capital firm that primarily provides funding support to institutions and individuals in North America, Europe, Asia, the Middle East, and Australia. The firm currently manages over $7.3 billion in assets.

Quadrille is a private equity and venture capital firm headquartered in Paris, France. Established in 2001, the firm primarily provides financial support to companies in the IT, internet, healthcare, and new energy sectors.

Delos Capital is a Hong Kong-headquartered private equity firm primarily investing in the healthcare technology sector across Greater China.

(Compiled by Feng Yutong)