RALEIGH, N.C., Sept. 25, 2014 (GLOBE NEWSWIRE) -- Baxano Surgical, Inc. (Nasdaq:BAXS), a medical device company focused on designing, developing and marketing minimally invasive products to treat degenerative conditions of the lumbar spine, announced that the Company has completed a recent subordinated convertible note financing of approximately $1.5 million to extend its cash runway. In connection with the financing, the Company has also streamlined its business to reduce its operating expenses while maintaining its commercial operations.
“We have been able to complete a needed financing that, together with the restructuring of our operations, gives us a cash runway to continue to pursue our strategic alternatives with Houlihan Lokey,” stated Ken Reali, President and CEO of Baxano Surgical.
There can be no assurance that Baxano Surgical will enter into any strategic transaction as a result of this process. Baxano Surgical does not plan to disclose or comment on developments regarding its strategic alternatives review process until further disclosure is deemed necessary or appropriate.
About Baxano Surgical, Inc.
Baxano Surgical, Inc. is a medical device company focused on designing, developing, and marketing minimally invasive products to treat degenerative conditions of the spine affecting the lumbar region. Baxano Surgical currently markets the AxiaLIF® family of products for single and two level lower lumbar fusion, the VEO® lateral access and interbody fusion system featuring the REVEAL retractor®, the iO-Flex® system, a proprietary set of flexible instruments used by surgeons during spinal decompression procedures, the iO-Tome® instrument, which rapidly and precisely removes bone, specifically the facet joints, which is commonly performed in spinal fusion procedures and Avance, an MIS pedicle screw system used in lumbar fusion procedures. Baxano Surgical was founded in May 2000 and is headquartered in Raleigh, North Carolina. For more information, visit www.baxanosurgical.com.
AxiaLIF, VEO, REVEAL, iO-Tome and iO-Flex are all registered trademarks of Baxano Surgical.
CONTACT: Baxano Surgical Inc. Tim Shannon, Chief Financial Officer 919-926-8762 or Stonegate, Inc. Casey Stegman 214-987-4121 casey@stonegateinc.com
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