Amedica® Closes $30 Million Financing
SALT LAKE CITY, Sept. 7 /PRNewswire/ -- Amedica Corporation, a developer of a broad range of innovative, unique spine and total joint implants, announced that it has completed a $30 million financing. The financing consists of $15 million in private equity and a debt facility of $15 million. Zions First National Bank provided the debt facility, and Creation Capital of New York and Austin, Texas, acted as the placement agent for the private equity piece. Creation Capital is an established banking concern that specializes in high-growth emerging health care technologies.
The proceeds from this financing will be used for expansion, mergers and acquisitions, sales and marketing support. Ben Shappley, Chief Executive Officer, President and Director of Amedica stated, "We are pleased to complete this transaction that will enable and further sustain our substantial growth. We are currently experiencing a challenging period in the capital markets and the overall struggling economy. Our success in completing this and other recent strategic financings clearly speaks to the importance of our platform technologies, our vast intellectual property estate and investor confidence in the strength of our organization."
Amedica has completed transactions in excess of $100 million in the recent past to support and grow the company's technology assets and value. Amedica has shown solid growth at a CAGR of 24% increase over the last six quarters in its spinal implant business.
Amedica Corporation is ISO 13485 certified and its products are FDA cleared and CE approved. Amedica Corporation is an emerging orthopaedic implant company focused on using its silicon nitride ceramic and other technologies to develop and commercialize a broad range of innovative, unique spine and total joint implants for the growing orthopaedic device market. It has brought to market various spinal implant products, while products under development include reconstructive hip and knee implants that represent a new standard of care in total joint implants based on superior performance, safety and efficacy.
SOURCE Amedica Corporation