Subscriptions to the offering, offered at 75¢ per unit, ended yesterday. The Belgrade, Mont.-based company expects the offering to close completely on November 17, according to a press release.
Xtant priced the offering earlier this month, looking to raise $11 million in the round. The company said it planned to float 15 million units at 75¢ per unit. Each unit in the round consists of 1 share of common stock and 1 warrant to purchase another share of stock.
Xtant Medical said it won FDA expanded clearance for its Irix-C cervical cage, now cleared for use with autografts or allografts.
The device also won an expanded range of levels allowable, now from C3-T1 to C2-T1. The device was previously cleared for use only with autogenous bone graft, the company said.
“This new FDA clearance allows Xtant Medical to leverage the clinical effectiveness of our established allograft product offerings for use with our stand-alone interbody devices in cervical discectomy and fusion procedures. We expect that the use of these products as a combined spinal fusion solution will result in positive patient outcomes,” chief scientific officer Dr. Gregory Juda said in a press release.
The company’s Irix-C cervical integrated fusion system is designed as a stand-alone cervical intervertebral fusion device intended for spinal fusion procedures at 1 level in skeletally mature patients for treating degenerative disc disease.
In July, Xtant Medical said it is expanding its Belgrade, Mont. tissue processing facility to include 7 new processing rooms. The company said the addition will more than double it’s capacity of processing rooms which are available for production.