Financial

Micro-cap Amedica raises $15M to back silicon nitride implants as it chases profitability

By Stacy Lawrence

Tiny public company Amedica ($AMDA) has managed to restructure its finances, including raising $15 million in capital from undisclosed institutional investors. That’s an impressive feat for a micro-cap with a market cap of less than $30 million that has yet to become profitable.

In addition to the financing, the company also settled with existing investor MG Partners, as well as amended existing loan agreements with Hercules Technology Growth Capital. Investors drove the volatile penny stock up 4% in early trading on the news.

Amedica is focused on marketing silicon nitride ceramics based spinal fusion implants. It’s also developing next-gen components for hip and knee arthroplasty. Silicon nitride is thought to be largely chemically inert–the company also claims it has properties that promote bone growth and osteo-integration, as well as antibacterial properties.

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