Analyst Report: Upgrade for access FloSpine’s Back Pain Technology Could Be Just What the Doctor Ordered
FloSpine’s technology, KeyLift, is a new, minimally invasive treatment for back pain. But the company’s timeline could pose a risk.
- Company: FloSpine on StartEngine 2022
- Security Type: Equity - Common
- Valuation: $47,440,958
- Min Investment: $299
- Platform: StartEngine
- Deadline: Jan 31, 2023
A Pain in the Back
My 32-year-old brother recently went through a grueling episode of back pain. In all honesty, it was hard to watch. He couldn’t walk for months or play with his four-year-old daughter. He ended up needing extensive back surgery to alleviate his debilitating pain. No other options were available to him given his pain level.
We all know back pain is going to hit us at some point in life. For some, like my brother, it happens far too early. For others, it may not come until old age.
But we can all agree on one thing: Back pain sucks.
Even worse is making a brutal decision between getting surgery or trying alternative forms of treatment. While getting rods and screws surgically inserted into your spine will alleviate pain, it is an expensive and daunting decision. Other options — like physical therapy, spinal cord stimulators, painkillers, or other types of therapy — can be ineffective.
Simply put, there is no intermediate option for patients who have tried alternative forms of therapy but do not want to have a full-blown surgery to insert rods and screws.
FloSpine, the company I’m introducing to you today, has created a revolutionary new device called the KeyLift.
Picture a spine that has two compressed vertebrae that are pinching the nerves.
The KeyLift device clamps onto one of the strongest, thickest parts of the spine (called the lamina). It then expands and releases the compression, providing a chance for instant relief.
The best part? This is a minimally invasive procedure that takes about an hour to complete. And it can be done on an outpatient basis. In other words, no hospital visit or overnight stay is required.
No other company has released a device like this. The closest competitor is Boston Scientific’s Superion product, which was purchased from Vertiflex for $465 million in 2019 with annual sales of around $50 million. The Superion implant doesn’t clamp onto any portion of the spine. It basically just sits in between the vertebrae as a spacer and may migrate over time. In fact, the Superion implant received more than 300 complaints last year on the FDA Maude database. Given its advantages over the Vertiflex Superion implant, FloSpine is in a good position to capture market share with its innovative KeyLift device.
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