SALT LAKE CITY, March 8 /PRNewswire/ -- Amedica Corporation, an emerging leader in the design and development of innovative orthopedic devices, today announced that it has successfully completed a private placement of its Series C Convertible Preferred Stock, raising the full $16.8 million in gross proceeds it sought. With the closing of this financing round, Amedica has raised over $31 million since November 2003. Creation Capital LLC served as the sole placement agent for the financing.
Amedica plans to use the proceeds to begin the rollout of its first products in the fourth quarter of 2006; continue the development and expansion of its manufacturing facilities for medical ceramics; continue advancing development of its product pipeline, including conducting clinical trials; hire additional key personnel; continue to pursue patent protection for its technologies and products; and for working capital purposes. Based on the company’s current operating plans, Amedica anticipates that the proceeds of its Series C Preferred Stock financing, together with existing cash, cash equivalents and marketable securities, will be sufficient to enable it to conduct its planned operations through 2007.
“We are very pleased with the market reception and investor demand for our Series C financing, as the offering was significantly oversubscribed in a very short time frame,” said Ashok C. Khandkar, President and Chief Executive Officer of Amedica. “These funds will be instrumental in allowing us to aggressively advance our product development efforts towards commercialization, and we are excited to build on the momentum from the FDA clearance for our Arx(TM) ceramic spacer system.”
“The level of investor response to Amedica’s Series C private placement was among the most gratifying in my 20 years as an investment banker,” said Gregg Honigblum, Chief Executive Officer of Creation Capital LLC. “We are especially pleased with the quality of the investors, many of whom are leaders in the orthopedic industry.”
Amedica Corporation has several products in development using its proprietary and patented technology platforms: MC Squared ceramic femoral heads for use in hip replacement surgery; Infinia(TM) knee implants; Altia(TM) spinal disc implants for use in disc replacement surgery; and the CsC(TM) platform for its ZeTA(TM) spinal fixation implants which substantially mimic natural bone. The company’s technology platforms have the potential to offer an unprecedented combination of strength, durability, imaging characteristics and bio-safety over existing products.
Amedica Corporation recently received clearance from the United States Food and Drug Administration (the “FDA”) for market distribution of its Arx(TM) Ceramic Spinal Spacer System(TM). The company believes that this is the world’s first ceramic spinal implant system cleared for use in humans.
For more information about Amedica, please visit www.amedicacorp.com or call 801-583-5100.
Amedica Corporation
CONTACT: Amedica Corporation, +1-801-583-5100
Web site: http://www.amedicacorp.com/
