Spinal Restoration, Inc., an Austin, Texas-based developer of new therapies that address unmet needs in spine health management, has closed a$5m financing round.
The financing includes $3m in equity from existing investors Austin Ventures, Sante’ Ventures, and MB Venture Partners, and a $2m debt facility from Comerica Bank (NYSE: CMA).
The company intends to use the capital to fund its Biologic License Application (BLA) submission and early commercialization efforts for the Biostat System.
Led by President and CEO Gary Sabins, Spinal Restoration is advancing its intradiscal biologic therapy, Biostat System, for patients who suffer from debilitating discogenic low back pain.
The Biostat System has completed enrollment of a Phase III Investigational New Drug (IND) study. The company will complete the analysis of the 6-month primary endpoint data in the first quarter of next year.
FinSMEs
23/10/2012