Ortho Kinematics said today it raised $4 million in a debt financing round to support the general biz and expand the commercialization of its flagship Vertebral Motion Analysis radiographic assessment device.
The VMA system uses fluoroscopy to capture images of the spine in motion, is designed to displace traditional X-ray imaging as the primary method for identifying spinal dysfunction, the Austin, Texas-based company said.
“This debt financing is a strong vote of confidence by OKI’s current shareholders. We have ambitious plans in 2016 and this additional financing provides us a strong cash position and the resources to support those plans. The VMA test is a disruptive diagnostic technology that allows us to position ourselves as leader in the spine industry,” CEO Paul Gunnoe said in a press release.
The round was led by early stage tech venture focused TEXO Ventures and joined by other previous investors, the company said.
“Patients benefit from improved diagnostic capabilities. The VMA provides the biomechanical insight we have not had in the past. This advanced clinical information can impact diagnostic and treatment decisions,” NeoSpine founder Dr. Richard Wohns said in prepared remarks.
In April, Ortho Kinematics said that it drummed up a $9.6 million Series C round for its VMA, joined by big-fish and company partner Medtronic (NYSE:MDT), Texo Ventures, MB Venture Partners and other previous and new backers.