Ascendx Spine, a developer of orthopaedic devices for the spine and trauma markets, has closed $4.8m of mixed financing to strengthen its balance sheet and initiate commercialization efforts for its vertebral compression fractures (VCF) Repair System.
Ascendx Spine mixed financing includes $1.7m in cash and the conversion of $3.1m in debt to common stock.
Ascendx VCF Repair System is an investigational device and has completed a 60-patient, multicenter clinical trial in the US.
Ascendx Spine CEO Julian Mackenzie said they believe that Ascendx VCF Repair System is designed to be a safe and effective product for use by spine surgeons and interventional radiologists to treat vertebral compression fractures.
"The company expects to receive FDA clearance and CE mark for VCF Repair System in 2011," Mackenzie said.