Spinal tech developer Spineology said this week it raised $5 million through a convertible debenture, with funds slated to support continued commercialization, product development and clinical research.
Money in the round came from Shanghai-based private equity fund Hermed Capital, the St. Paul, Minn.-based company said.
“We believe the Spineology investment is a very exciting opportunity. Spineology possesses a very novel product portfolio in an otherwise very homogeneous market. We look forward to working with them as they grow in the U.S. and hope to be able to leverage our resources as they begin to explore global opportunities,” Hermed Capital managing director Dr. Jerry Xiao said in a prepared statement.
“The Hermed investment comes at a very opportune time for Spineology. With the recent approvals of Rampart One and Duo we are poised to dramatically expand our procedure base into additional market segments,” Spineology CEO John Booth said in a press release.
In June, Spineology said it won FDA clearance for its Rampart One anterior lumbar interbody fusion system.
The system is designed to minimize exposure and vascular retraction requirements associated with traditional anterior spine fusion procedure, and includes both standard and oblique interbody device footprints with integrated fixation screws.
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