Amedica Corporation Raises $13.2 Million in a Series D Preferred Stock Financing

SALT LAKE CITY, May 16 /PRNewswire/ -- Amedica Corporation announced today that it has successfully completed a private placement of its Series D Convertible Preferred Stock, raising $13.2 million in gross proceeds. With the closing of this financing round, Amedica has raised over $44 million since November 2003. Creation Capital LLC served as the placement agent for the financing.

Amedica plans to use the proceeds to continue the expansion of its manufacturing facilities for medical ceramics; continue product development; hire additional key personnel; continue to pursue patent protection for its technologies and products; and for working capital purposes.

"We are very pleased with the financing which will provide additional resources for us to continue advancing our lead and pipeline products toward commercialization," said Ashok C. Khandkar, Chief Executive Officer of Amedica.

Amedica Corporation is an emerging orthopedic implant company focused on using its ceramics technologies to develop and commercialize a broad range of innovative spine and joint implants for the growing orthopedic device market. Its product candidates include spinal and reconstructive hip and knee implants that may represent a new standard of care in total joint implants based on superior durability, performance and safety.

Source: Amedica Corporation