Amedica Corporation Completes $30 MM Financing to Expand Market Share of Proprietary Silicon Nitride Ceramic
SALT LAKE CITY, Feb. 16, 2012 /PRNewswire/ -- Amedica Corporation, a spinal and reconstructive implant manufacturer focused on its medical grade silicon nitride ceramic material, today announced the completion of its $30 million Senior Secured Subordinated Convertible Notes financing. This financing, which began in 2011, has now been fully funded with the receipt of the final $5,000,000 investment.
The proceeds from this financing will be used for further development and distribution of its novel ceramic materials in the orthopedic, spine and dental markets. The proceeds will also be used for payments on debt arising from the US spine acquisition, and working capital and other corporate purposes.
"We're very pleased to complete this growth financing as it allows us to rapidly increase our sales and marketing strategy," says Eric Olson President and CEO. "With this new capital and the competitive advantage of our silicon nitride technology, we'll continue to expand into new markets, grow our existing businesses and fully leverage our partnership with our worldwide network of independent distributors. Ultimately, this combination provides a win-win for all Amedica stakeholders including our customers, employees, partners, and shareholders. I'm pleased to have our new investors onboard for this next stage of growth."
To date, Amedica has raised approximately $140 million to support and grow the company's technology assets and value.
For more information about Amedica Corporation, visit www.amedica.com
About Amedica Corporation
Amedica is an innovative spine and orthopaedic implant and device manufacturing and distribution company that provides advanced surgical applications including silicon nitride ceramic technologies. The company's platform technologies represent a new standard for implants and biologics based on superior performance, safety and efficacy. Amedica is a privately held, private equity backed ceramic manufacturing and implant distribution company founded in 1996 by internationally recognized Orthopaedic surgeons and ceramicists. The company is ISO 13485 certified, its spine products are FDA cleared, CE marked, and are sold in ten countries. Amedica Corporation is based in Salt Lake City, Utah.
SOURCE Amedica Corporation