SiO2 Medical Products filed an SEC Form D this week revealing that the company pulled in nearly $50 million in a debt offering.
The Auburn, Ala.-based company reeled in a total of $48 million, according to the filing. SiO2 is seeking $60 million in the debt offering, with $12 million of the offering remaining to be sold.
The new notice declined to disclose the size of the issuers, but the first sale was made on September 24. SiO2 listed five investors who already have contributed to the offering.
The company did not share its intended use for the proceeds of the debt offering.
SiO2 manufactures containers composed of engineered polymers such as cyclic olefin polymer (COP) and uses a thin, silicon-based coating system composed of organosiloxane and silica nano-layers. The company’s containers are designed to bring durability and innovation to primary packaging.
Among SiO2’s pharmaceutical products are vials, syringes and cartridges designed to to provide an oxygen and solute barrier, similar to that of a glass container, without any of the impurities, metals, or chemicals associated with type 1 borosilicate glass.