Synergy Spine Solutions, a spine technology company based in Louisville, Colorado, has closed a successful $30 million Series A financing round.
Private investment company Amzak Health led the financing round and was joined by other investors. Amzak Health is a new institutional investor and with the investment, Amzak Health Managing Partner Joyce Erony joined the Synergy Board of Directors.
Erony commented, “We believe in Synergy’s dedication to advancing patient care and reshaping the landscape of cervical disc replacement.”
Erony continued, “We are very excited to be a part of their evolution and future growth.”
Synergy is focused on artificial cervical disc replacement and its flagship cervical disc arthroplasty product Synergy Disc®. According to its website, the Synergy Disc is “designed to restore physiologic motion and correct sagittal balance.” In June 2023, Synergy completed enrollment for the Synergy Disc 1-level investigational device exemption (IDE) clinical trial.
According to the company, the proceeds will fund “enrollment of Synergy’s U.S. IDE 2-level clinical trial” and continuing “patient follow-up on both the 1-level and 2-level clinical trials.” The funds will also be used to submit Premarket Approval applications to the U.S. Food and Drug Administration and bolster ongoing commercialization in markets outside the U.S.
Synergy Spine Solutions CEO Josh Butters expressed excitement about the funding, stating, “We are excited about this next chapter of Synergy’s growth.”
Butters continued, “We look forward to welcoming Amzak Health to the Synergy team that has worked incredibly hard to get to this point. We remain focused on completing the 2-level study and to bringing the Synergy Disc to the U.S. market, as it represents an important treatment option for patients suffering from degenerative disc disease and was specifically designed to restore both motion and alignment to the cervical spine.”
OTW spoke with Timothy Hein, Synergy Spine Solutions Vice-President of Sales and Marketing about the financing round. Hein told us that Synergy sets itself apart from its competitors because, “The Synergy Disc® advances the standard of care for cervical artificial disc replacement devices, as it is the first disc to restore both alignment and balance while preserving motion.”
Hein also noted that, “In 2024 Synergy will continue to expand sales outside the United States and complete enrollment in its 2-Level FDA trial in the United States.”
