Medical device group TruSpine Technologies raises £50,000 via share subscription
West-Sussex based TruSpine Technologies, a medical device firm focused on the spinal market, said it had raised £50,000 gross through the subscription of 2 million shares.
The shares were priced at 2.5p each and application has been made for them to be admitted to trading on the Aquis Stock Exchange Growth Market on or around August 18 this year.
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Following admission, the company's issued share capital will consist of 120,311,869 ordinary shares with voting rights.
TruSpine is advancing 'screwless', spinal (vertebral) stabilisation systems and aims to enter the US$10.2 billion a year per spinal device market.
It has three flagship devices. Its Cervi-LOK device is for the cervical and upper thoracic spine, the GRASP Laminoplasty is a treatment for decompression of the spinal cord, while its Faci-LOK device is for the lumbar and lower thoracic spine.
The company says the devices represent a 'paradigm shift' in the spinal market, in that they provide exceptional stabilization while not altering the bony anatomy such as screws, staples or other devices, which currently dominate the space.
On July 25 this year, the company confirmed in a statement that the FDA 510k submission for Cervi-LOK has been made to the US regulator - the FDA.
It noted that the FDA's decision to provide clearance normally takes up to 90 days, following which, if clearance is received, TruSpine will be able to begin marketing and sales of Cervi-LOK in the US.
The company's CEO Laurence Strauss had said: "Following a challenging period for the company, I am delighted to report further significant progress.
"The FDA submission for Cervi-LOK represents a major milestone for TruSpine, and, if clearance is received the prospect of sales revenue generation will be potentially transformational for the company. I look forward to reporting back to you with further progress."
