Vertiflex has raised $25.3 million in a new round equity financing, according to an SEC filing released this week.
Money in the round came from 8 unnamed investors, and Vertiflex has not yet said how it plans to spend funds raised so far. he company is looking to raise an additional $15 million before closing the round, with the 1st sale recorded on March 6.
Approximately $10 million of the funds raised are new money, while $15.3 million come from conversion of debt, according to the SEC filing.
Earlier this month, Vertiflex said it closed a $40 million round of financing to support its Superion indirect decompression system designed to treat moderate lumbar spinal stenosis.
The Superion device, which won FDA approval in May 2015, is designed to be implanted in the spine with a minimally invasive procedure to relieve spinal stenosis, a narrowing of the spine, which can put pressure on spinal nerves. The condition, which is often associated with aging, can cause pain, numbness and loss of certain motor function.