Alpharetta, Georgia-based Medovex Corporation, developer of a novel, non-invasive treatment for back pain, announced that it has raised $4.9 million from investors in two transactions.
In the first transaction, the company received $1,800,000 in cash and $200,000 by cancellation of debt from four separate purchasers. In the second purchase agreement, announced 10 days later, the company received $2.9 million from six investors. Medovex had offered a minimum of $1,000,000 and a maximum of $6,000,000 of units at a price of $50,000 per unit.
Medovex is a corporation that was formed to acquire and develop a diversified portfolio of medical technology products and services. The company’s first product, the DenerveX System, is intended to provide long-lasting relief from facet joint syndrome pain.
The system “…is a rotational, monopolar, radiofrequency [RF] denervation device, powered by a dedicated DenerveX Pro-40 generator. It is designed to ablate the nerve and capsular tissue on the posterior surface of the facet joint. Denervation is achieved through Rotacapsulation, a combination of high heat and rotational tissue shaving.” The device is currently in Pre-Submission with the FDA.
William “Bill” Horne, Medovex CEO and chairman, said, “In just recent weeks, we have announced the completion of the transaction of [Regenerative Medical Solutions], appointed two new high-quality board members, and secured nearly $5 million in financing allowing us to execute our business plan going forward.”
“Soon, you should expect to see additional communications that will further bolster and speak to the quality of our team, what our business will look like going forward, and most importantly, how we intend to build long term sustainable shareholder value. It’s an exciting time here at Medovex and we are grateful for both the continued support of our existing shareholders as well as those who have just recently joined us.”
