Curiteva filed an SEC Form D to confirm the sale of $8 million in equity as it develops implants for complex spinal disorders.
The Tanner, Ala.–based company completed the filing yesterday, confirming that nearly half of the $20 million offering was sold with 16 investors already involved and $12,000 remaining to be sold. It is not being made in connection with a merger, acquisition, exchange offer or any other form of business combination transaction.
The first sale of the new notice was made on Nov. 8 and Curiteva expects the equity offering to last for less than a year. The company confirmed that the issuer size in the offering was between $5 million and $25 million.
Curiteva said nearly $2.2 million of the $8 million raised is slated to go toward the payment of promissory notes and liquidation preferences. The company did not disclose its intended use for the remaining $5.8 million it raised.
The spinal implant company develops the Sage cervical interbody fusion system and the Aptitude cervical plates. The Sage system is designed to support cervical loads and maximize the surface between the implant and vertebral bodies, according to Curiteva’s website. Aptitude plates include a slim design intended for a smooth anterior service with a one-step locking mechanism to help allow for complete control by the surgeon during procedures.