GENEVA, March 18, 2024 /PRNewswire/ — Spineart, a global spine specialist working with surgeons to accelerate the adoption of cutting-edge technologies, has successfully raised a CHF20 million convertible financing. The funding comes on the heels of the completion of enrollment in the two BAGUERA®C IDE studies, underlining Spineart’s commitment to advancing spinal surgery through large scale investments in research and development. Approximately CHF16 million of the funding was contributed by existing shareholders and employees, with the remaining portion sourced from new investors, above the CHF20 million initial target, with the company exercising its over-allotment allocation option.
“We are thrilled to announce the successful closure of our CHF20 million convertible financing round, which underscores the confidence and support of our investors in Spineart’s vision and innovative technologies,” said Jerome Trividic, CEO of Spineart. “The overwhelming participation from existing shareholders and employees, as well as the addition of new investors, is a testament to the potential of our BAGUERA®C cervical disc prosthesis and our commitment to revolutionizing spinal surgery through enabling technologies and robotic navigation.”
The proceeds from the financing round will be used for several strategic initiatives. These include investments in novel enabling technologies, continued follow-up of patients enrolled in the two BAGUERA®C IDE studies, the opening this summer of Spineart’s new R&D and Training Center for Enabling Technologies in Dallas, Texas, and completion of a new 43,000sqft / 4,300 m2 factory currently under construction near Geneva by the end of 2024.
**About the BAGUERA®C IDE studies:**
The BAGUERA®C IDE studies are pivotal in evaluating the safety and efficacy of Spineart’s innovative BAGUERA®C cervical disc prosthesis, designed to address degenerative cervical disc disorders. The completion of enrollment in these studies marks a crucial step forward in bringing this groundbreaking technology to market in the United States, offering hope to patients suffering from cervical spine conditions.
**About Spineart:**
For more information about Spineart and its innovative spine surgery solutions, please visit www.spineart.com.
SOURCE Spineart