Wilmingtonbiz logo
Print
Health Care

Baxano Secures Investment, Names New Executives

By Jenny Callison, posted Mar 17, 2014
Medical device company Baxano Surgical Inc., which maintains a presence in Wilmington after moving its headquarters to Raleigh late last spring, has forged an agreement that will give the company a $10 million financial infusion, according to a news release.
 
In that announcement last week, Baxano president and CEO Ken Reali said that the company has entered into an agreement through which representatives of “two institutional investors” will place a total of roughly $10 million in subordinated convertible debentures and warrants.
 
The investors’ identities were not disclosed. 
 
The news release further stated that those debentures and warrants will be converted into nearly 9.5 million shares of common stock if Baxano’s stockholders approve an increase in the number of authorized shares of common stock and the issuance of those shares in exchange for the debentures and warrants.
 
“We are pleased to have entered into this financing transaction," Reali said in the release. “We plan to use the proceeds to expand our product portfolio through the development of the Avance pedicle screw system, and to execute our commercial growth strategy as we continue to penetrate the minimally invasive spine market.”
 
In a separate release last week, Baxano announced changes to its executive management team.
 
Tim Shannon, who has served as Baxano’s interim chief financial officer since September, was appointed to the permanent post, effective last Friday.
 
Matt Pickens was named vice president of marketing and reimbursement, also effective last Friday. The release stated that Pickens joined Baxano in 2009 as director of strategic marketing and has been vice president of reimbursement and professional affairs since last June.
 
According to the release, Rick Feiler, who has served as Baxano’s vice president of marketing and professional education, has resigned effective April 15 and will spend the next month helping with the leadership transition.
 
Baxano Surgical Inc., formerly TranS1 Inc., is a medical device company that designs, develops and markets minimally invasive products to treat degenerative conditions of the spine affecting the lumbar region. The company’s Wilmington facility is at 301 Government Center Drive, suite 100.

Join The Discussion

Similar Stories

Book On Business

2015 bookonbusiness

The 2015 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!
Print Only
$19.95 - Qty
Print + Excel File
$79.95 - Qty

In The Current Issue

Dragon Boat Regatta Returns To Carolina Beach

A rare race is returning to Carolina Beach in an effort to raise money for a local charity.

New National Names Enter Wilmington Market

Publix Super Markets isn’t the only national chain to pick the Wilmington area for expansion this year, but it’s one of the biggest and most...

Info Junkie: Jacob Clayton

Info Junkie Jacob Clayton, chief geek at MyUntangled Media LLC, on his app and tech recommendations....

Ico topnews Editor's Picks

Latest Jobless Rates For Local Counties Show Ups, Downs

Cece Nunn - About 22 hours ago

New Hanover County Closes Successful Bond Sale

Jenny Callison - Aug 31, 2015 Trending News

Small Business Administration Announces Export Grant Funds

Jenny Callison - Aug 31, 2015

Brunswick Realtors Choose New CEO

Cece Nunn - Aug 31, 2015 Trending News
Consulting

BOSS

BOSS is a team of business experts who tap into the abundance of resources in the Wilmington, N.C., area to help clients start and grow successful businesses.

Ico trending Trending News

Ico newsinimages News in Pictures

Have a tip, pitch or guest column?  Send us a tip.

Gallery Galleries

Video Videos

Power Breakfast Series - Blame the media - June. 2015
WilmingtonBiz Expo - Key Note Lunch with DONALD CROTEAU CEO, Vertex Rail - 2015

Register to Continue Seeing Wilmington's Best Business Coverage!


There are three ways to register for free.

Sign in with LinkedIn, Facebook or create an account:



Already registered? Login here.

Your free registration includes:

  • Access to 10 articles per month on WilmingtonBiz.com
  • Email updates to stay informed on local business news
  • A mobile optimized website
  • Advanced notification of Business Journal events
  • Management of your digital and print subscriptions
Laptop iphone ipad