Financial

New England medical device developers reel in $3.2 million

Medical device developers based in Massachusetts and Connecticut reeled in more than $3.2 million in May and June, according re regulatory filings.

Six medical device makers in Massachusetts and Connecticut raised more than $2.6 million in various fundraising offerings during May and June, according to regulatory filings.

Audax Medical of Littleton, Mass., pulled in just more than $686,000 in a pair of equity offerings, according to filings filings with the Securities & Exchange Commission.

Audax is developing a technology to heal fractured vertebrae it calls Arxis, an injection of “optimizing spine-specific osteogenic biomaterials for improved bone-biomaterial cohesion,” according to the company’s website. The company raised an initial $551,000 May 6 and another $135,000 May 27, according to the filings.

North Andover, Mass.-based MindChild Medical Inc. added $125,000 to its coffers May 25 in an offering of debt, options and warrants. The company hopes to raise $750,000 in the round. Mindchild is working on a non-invasive fetal heart monitor it says can detect tiny fluctuations in fetal heartbeats and potentially reduce the number of Caesarian sections pregnant women undergo. The company inked a royalty-sharing agreement with Tufts Medical Center a year ago to help launch, license and share any profits derived from its Meridian fetal electrocardiograph system, a belt studded with embedded electrodes.

NuOrtho Surgical of Fall River, Mass., landed another $250,000 in an offering of debt, options and warrants, part of a hoped-for $1.5 million round. NuOrtho, which is developing a probe that uses low-level radio frequencies to smooth and contour frayed or torn knee cartilage, has yet to post revenues, according to a May 21 filing. The company raised $1 million each in its Series A andSeries B rounds last year.

The Nutmeg State’s PolyBiotics LLC of Hamden, which is developing a handheld device to deliver dental antibiotics for treating periodontal disease, drummed up $175,000 of a proposed $200,000 equity offering, according to its filing.

Back in the Bay State, Beverly’s SpineFrontier issued $500,000 in debt, options and warrants according to a May 25 filing. SpineFrontier makes minimally invasive systems for spinal fusion and “less exposure surgery” procedures, according to its website.

Finally, Tarpon Biosystems, based in Marlborough, Mass., pulled in $872,000 of a hoped-for $1 million equity offering. Tarpon, which makes the BioSMB system for downstream bioprocessing, posts annual revenues of less than $1 million, according to a June 11 filing.

Company Amount Offering
Audax Medical $686,000 Equity*
MindChild Medical $125,000 Debt
NuOrtho Surgical $250,000 Debt
Polybiotics $175,000 Equity
SpineFrontier $500,000 Debt
Tarpon Biosystems $872,000 Equity
TOTAL: $2,608,000

*In two separate offerings. Debt offerings include options and warrants.

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Josh Sandberg

Josh Sandberg is the President of Ortho Spine Partners and Partner for The De Angelis Group. He also serves as Co-Founder and Editor of OrthoSpineNews.

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