Accelus, a privately held medical technology company focused on accelerating the adoption of minimally invasive surgery (MIS) as the standard of care in spine, today announced the closing of a $12 million lead investment in the company’s Series D equity financing by Concord Innovation Fund II, LP. Joseph Swedish, CHP Co-Founder and Partner, has also been named to Accelus’s Board of Directors.
“We are thrilled to announce Joseph Swedish as a new member of our board and to cement our relationship with Concord Health Partners, which shares our enduring commitment to lowering costs and expanding access to quality healthcare,” said Chris Walsh, CEO and Co-Founder of Accelus. “Joe’s proven ability to create massive value at the helm of both payors and providers, along with our current board’s device prowess, completes Accelus’s powerful trifecta in this space. We thank the team at Concord and look forward to deploying this and additional Series D capital to execute on our goal of accelerating the move to minimally invasive spine surgery.”
Proceeds from the financing will be used to drive further adoption and commercialization within the accelerating U.S. market opportunity that exists for Accelus’s highly differentiated product portfolio of spinal implant solutions, and specifically for robotic-enabled, minimally invasive techniques, in both hospitals and ambulatory surgery centers.
Accelus reported strong growth for 2021 with $27.5 million in revenue, a 63% increase from 2020, primarily driven by the continued adoption and expansion of the company’s flagship FlareHawk® expandable interbody fusion devices and the first placements of the company’s Remi™ Robotic Navigation System.
“Following a strong close to 2021, our momentum has carried through the early parts of 2022 and positions us well to achieve our key strategic and operational objectives this year,” Walsh added.
The addition of Joseph Swedish to Accelus’s Board of Directors will allow Accelus to capitalize on his deep industry knowledge and broad network of relationships to help support the company’s strategic growth. With more than 45 years of healthcare leadership experience, Mr. Swedish has served as Chairman, President and CEO for Anthem, Inc.; President and CEO for Trinity Health; President and CEO for Centura Health; and as a Division President for Hospital Corporation of America (HCA). He currently serves on the board of directors for each of CDW Corporation and International Business Machines Corporation, and has previously served in various advisory and board positions with Blue Cross Blue Shield Association, the American Hospital Association, America’s Health Insurance Plans, and Catholic Health Association.
“Our investment in Accelus represents an exciting opportunity for Concord, as it is aligned with our goal of partnering with companies who are disruptors of the status quo and who are poised to enhance the overall value of care,” Swedish said. “The use of MIS techniques in spinal fusion procedures remains underpenetrated and significant limitations exist for current spine surgery robotic systems. With a growing focus on shifting the standard of care to MIS, we believe Accelus offers key enabling technologies to address unmet clinical needs and are confident they are well-positioned to become a leading innovator in the spinal health market.”