IlluminOss Medical raised $5 million in a new round of equity financing and looks to raise another $20 million, according to an SEC filing posted today.
The offering was made to cover the purchase of the company’s Series AA preferred stock and the exchange of shares of the company’s Series A, B and C1 preferred stocks for junior non-voting preferred stock.
IlluminOss Medical develops and produces a photodynamic bone stabilization system as a treatment for osteoporotic and fragility fractures. The IlluminOss system uses a light-curable polymer, delivered in an expandable balloon catheter, to stabilize bone
The money comes from 17 anonymous investors, according to an SEC filing from the East Providence, R.I.-based company.
Last October, IlluminOss Medical said it picked ex-OmniGuide sales & marketing veep Manny Avila as its new chief exec.
Prior to his time as sales & marketing veep with OmniGuide, Avila served as veep of commercial operations and surgical solutions in Europe for Covidien, and had management roles at Aspect Medical, Synthes Inc. and Haemonetics (NYSE:HAE), IlluminOss said.