Vertiflex ups raise to $45m


Vertiflex has raised a total of $45.3 million in a round of equity financing, according to an SEC filing posted this week.

The first sale in the offering was marked on March 6 last year, and $15.3 million of the funding raised is marked as coming from conversion of debt, according to the SEC filing.

That means that the company has added an additional $20 million in equity financing over its previous raise as reported on March 13, filling the total the company was looking to raise.

Funds in the round came from nine unnamed sources, according to the SEC filing, and Vertiflex has not yet stated how it plans to spend funds raised in the round.

Earlier this month, Vertiflex said it closed a $40 million round of financing to support its Superion indirect decompression system designed to treat moderate lumbar spinal stenosis.

The Superion device, which won FDA approval in May 2015, is designed to be implanted in the spine with a minimally invasive procedure to relieve spinal stenosis, a narrowing of the spine, which can put pressure on spinal nerves. The condition, which is often associated with aging, can cause pain, numbness and loss of certain motor function.

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