Woven Orthopedic Technologies has raised $5.4 million in a new round of equity and options financing, according to an SEC filing posted this week.
Manchester, Conn.-based Woven Orthopedics is developing orthopedic products which aim to improve fixation, specifically for procedures using screws, according to the company’s website.
The company produces the OGmend implant system which uses biotextiles to enhance fixation. The first generation version of the device is designed from a biopolymer intended to increase surface area contact between bone and screw to distribute load transfer and aid in bone healing and remodeling, according to the company’s website.
A total of 64 unnamed investors have joined in the round so far, with the first sale date noted last August 9. The round has a minimum investment of $50,000, according to the filing.
Of the funds raised so far, $469,000 will be used to pay the CEO and six directors of the company for its calendar year 2018. The company is looking to raise an additional $12.6 million in the round, according to the filing.