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:
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.
CONTACT:
Erin Morrison
Tel 952 698 9956
[email protected]
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SOURCE Zyga Technology, Inc.
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