MINNETONKA, Minn., Nov. 17, 2015 /PRNewswire/ -- Zyga Technology, Inc., a medical device company focused on the design, development, and commercialization of minimally invasive devices to treat underserved conditions of the lumbar spine, today announced that it has completed a $20 million round of financing. The company intends to use the proceeds to support growing sales and market development efforts as coverage of minimally invasive sacroiliac joint fusion improves in 2016 and beyond. In addition, the financing will be used to allow expansion of clinical studies designed to demonstrate radiographic fusion and reduction of pain with the SImmetry Sacroiliac (SI) Joint Fusion System.
The financing is a combination of $15 million in debt supplemented with $5 million in equity. Oxford Finance and Bridge Bank co-led the debt refinance and the equity financing was supported by all existing major investors. "We expect clinical acceptance and utilization of SI joint fusion to grow dramatically over the next 12 – 18 months," said Jim Bullock, president and CEO of Zyga Technology. "The funds secured in this round of financing will be important as Zyga reinforces its commercial operation, and drives collection of clinical data demonstrating the SImmetry system's ability to provide a successful SI joint arthrodesis both clinically and radiographically."
Zyga Technology has developed two minimally invasive products designed to treat under-served conditions of the lumbar spine:
- SImmetry® Sacroiliac Joint Fusion System provides a unique approach to physicians addressing sacroiliac joint dysfunction, a growing category in the spine market. The system uses proven orthopedic principles, including joint decortication, bone grafting and fixation, to provide a "true SI joint arthrodesis." Zyga is currently sponsoring multiple clinical investigations to demonstrate efficacy in patients receiving SImmetry SI joint fusion.
- Glyder® Facet Restoration Device is designed to provide a minimally invasive, non-fusion treatment option for patients suffering from facet joint pain who do not receive long-term relief from conservative treatment. The company is currently sponsoring a 20-patient, five-site feasibility study of the Glyder technology in the U.S.
About Zyga Technology, Inc.
Zyga Technology, Inc. is dedicated to the research, development and commercialization of solutions that provide empirical clinical and economic value in the treatment of underserved conditions of the spine. The company is marketing the SImmetry® Sacroiliac Joint Fusion System, a minimally invasive procedure intended for conditions including sacroiliac joint disruptions and degenerative sacroiliitis. The SImmetry System utilizes proven orthopedic principles of decortication, bone grafting and fixation to provide a true SI joint fusion. For more information, visit zyga.com.
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SOURCE Zyga Technology, Inc.