Tampa medical device firm picks up $35 million investment

Tampa-based PainTEQ, a medical device company seeking to treat lower back pain, says it has closed on a new round of $35 million in financing from MVolution Partners LLC.

The financing is non-dilutive growth cash, PainTEQ says, with the net proceeds to be used to expand the commercialization of PainTEQ's LinQ product. LinQ is an implantable sacroiliac joint stabilization system. The cash will also support research and development efforts to care for patients with sacroiliac joint pain and dysfunction.

PainTEQ officials say the implantation is done without any drilling, with a single LinQ implant and a large graft window placed into the sacroiliac joint to promote stabilization and create long-term fusion. PainTEQ says the product has an excellent safety profile, with more than 8,000 LinQ procedures have performed in the United States.