SpineEx this week registered for an initial public offering worth $17 million for the expandable spinal cage technology it’s developing.
Fremont, Calif.-based SpineEx applied for 510(k) clearance from the FDA in June for the Sagittae cage implant and said it hopes to win the regulatory nod by the end of the year. If the Sagittae cage is cleared the company plans to market a lateral access system called the Scorpio retractor and related disposables, which are already cleared, plus the yet-to-be-cleared Herculaes sterilization container, according to a regulatory filing.
SpineEx reported raising $680,000 in a Series A round last year and another $2.7 million in a Series B round over the end of last year and into this month, for total gross proceeds of nearly $3.4 million to date.
The company has a five-year private-label deal with Sugar Land, Texas-based TeDan Surgical Innovations to make the Scorpio retractor and accessories, involving a non-exclusive branding license, and another five-year licensing and manufacturing agreement with China’s ChongLin Medical governing the exclusive license and manufacturing of the Herculaes container in North America and Brazil; the device is also licensed for market in China, SpineEx said in the filing.
No amount of shares or per-share price have been set for the flotation, according to the Sept. 18 filing.