If anyone was wondering, Austin is still bullish on health tech. Today,
investors poured another $4 million into the company to further commercialize its flagship product, a biomechanical spinal scanning process called Vertebral Motion Analysis, or VMA.
The machine has diagnosed back pain in 4,000 patients by gently tilting them in multiple directions while scanning their spine in 3-D. The scans are then easily accessible to healthcare providers for analysis and treatment.It’s been demonstrated on morning TV talk shows, where it’s heralded as a medical device of the future—but the presenter on one show conceded few hospitals actually have the equipment, and owning the machine at home is beyond the means of most patients.
So the company plans to use the new capital to continue marketing the device aggressively. Ortho Kinematics didn’t disclose the terms of the financing, but it claims to be seeing some encouraging results already. Due to what it calls a “significant uptick in sales and adoption of the VMA technology,” Ortho Kinematics recently hired Margie Hans as Director of Reimbursement and Health Policy.
The additional debt funding was led by TEXO Ventures, an early stage health tech venture fund, and supported by existing Ortho Kinematics shareholders.
CEO Paul Gunnoe called it a vote of confidence.
“We have ambitious plans in 2016, and this additional financing provides us a strong cash position and the resources to support those plans,” he said in a statement. “The VMA test is a disruptive diagnostic technology that allows us to position ourselves as leader in the spine industry.”
