Anulex Technologies, Inc., a Minnetonka, MN-based medical device manufacturer dedicated to the development and commercialization of soft tissue repair products, held the first close of its Series E private equity financing round, which will total a minimum of $20m.
The investment was led by a new undisclosed strategic investor, with participation from existing investors Affinity Capital, Delphi Ventures, MB Venture Partners, New Enterprise Associates, SightLine Partners and Split Rock Partners. Another new investor – the Hatteras Late Stage VC Fund 1, L.P. – joined the round.
According to Rich Lunsford, Anulex’s President and Chief Executive Officer, this financing will give the company the ability to expand the commercialization efforts and complete the follow-up phases of XcloseTM Tissue Repair System post market clinical study, with the goal of providing further evidence to support the benefits of preservation and repair of the anulus.
The funding will also provide additional resources for a feasibility study for the RimcloseTM product and for further support of the company’s innovative research and development strategy.