VertiFlex reported raised nearly $27 million in an equity and options offering this month, according to a regulatory filing.
San Clemente, Calif.-based VertiFlex, which won pre-market approval from the FDA for its Superion interspinous spacer last May for treating moderate lumbar spinal stenosis, said the round consisted of $10.5 million in new cash, a $16.2 million debt conversion and another $105,000 in warrants. Eight unnamed investors participated, according to the filing.
The Superion device is designed to be implanted in the spine with a minimally invasive procedure to relieve spinal stenosis, a narrowing of the spine, which can put pressure on spinal nerves. The condition, which is often associated with aging, can cause pain, numbness and loss of certain motor function.
VertiFlex also makes the Totalis direct decompression system. The company raised nearly $5 million last summer.