Ascendx Spine (formerly known as AOI Medical), a Winter Park, Florida-based medical device company focused on the development and commercialization of innovative orthopaedic devices for the spine and trauma markets, closed on a $4.8m financing.
The proceeds from the transaction, which included $1.7m in cash and the conversion of $3.1m in debt to common stock, will enable the company to strengthen its balance sheet and initiate the commercialization efforts for the Ascendx VCF Repair System for the treatment of a vertebral compression fracture (VCF) caused by osteoporosis.
Led by CEO Julian M. Mackenzie, Ascendx Spine expects to receive FDA clearance and CE mark for the device in 2011. To this end, a 60-patient, multicenter clinical trial in the U.S. has already been completed.
FinSMEs
08/08/2011