Titan Spine has raised $1.5 million in a new round of equity financing, according to an SEC filing posted this week.
Money in the round came from 9 anonymous investors, according to an SEC filing, and involved the sales of Series B units. The company has not yet stated how it plans to spend money raised in the round.
In October, Titan Spine expanded the distribution of its line of Endoskeleton titanium implants, fully releasing the devices in the U.S. The launch followed an alpha introduction of the nanoLock technology tested at a limited number of sites.
The company’s nanoLock surface technology is manufactured through a proprietary subtractive process, and has received FDA clearance.
“The full launch of nanoLock will add to Titan Spine’s continued sales growth, highlighted by our 51% sales increase in 2015 compared to prior year. The interest in nanoLock has been incredibly strong and has challenged us to keep up with demand. We have generated a strong start and anticipate rapid surgeon adoption of nanoLock as we ramp up the full U.S. launch and showcase the technology at the upcoming North American Spine Society Annual Meeting in Boston,” sales VP Steve Cichy said in a press release.
Last July, Titan Spine said that Southlake Equity Group put a “substantial” but unspecified amount into its coffers, as it looks to expand the commercial footprint of its Endoskeleton implants and launch its nanoLock surface technology.
Earlier in July, the Mequon, Wis.-based company said it won a new reimbursement code from the Centers for Medicare & Medicaid Services for the nanoLock technology. The code, approved as an XRG code, is slated to go into effect Oct. 1.
Last June, Titan Spine said it expanded its spinal device warranty to include free replacement if its Endoskeleton interbody fusion devices delaminate or generate particulate debris during implantation.