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.
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