Ascendx Spine™ Closes on $4.8 Million ‘Mixed’ Financing (press release)
WINTER PARK, Fla.–(BUSINESS WIRE)–Ascendx Spine™ (www.ascendxspine.com), formerly AOI Medical, announced today that it closed on a ‘mixed’ financing totaling $4.8 million—which included $1.7 million in cash and the conversion of $3.1 million in debt to common stock.
“The current standard procedures for treating vertebral compression fractures are ‘vertebroplasty’ and ‘kyphoplasty.’ We believe that our 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,” said Julian M. Mackenzie, CEO of Ascendx Spine™.
Mr. Mackenzie added that the Company expects to receive FDA clearance and CE mark for its Ascendx VCF Repair System in 2011. A 60-patient, multicenter clinical trial in the U.S. has already been successfully completed.
About Ascendx Spine™
Based in Winter Park, Florida, Ascendx Spine™ is a medical device company focused on the development and commercialization of innovative orthopaedic devices for the spine and trauma markets. Its initial focus is the Ascendx VCF Repair System for the treatment of a vertebral compression fracture (VCF) caused by osteoporosis. A VCF forces a vertebra to collapse and the spinal column above it to assume an abnormal forward curve, resulting in considerable back pain and a hunchbacked appearance.
Warning: 510(k) for Ascendx VCP Repair System pending. Ascendx VCF Repair System is an investigational device, limited to investigational use.