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 and CEO of Ortho Spine Partners and sits on several company and industry related Boards. He also is the Creator and Editor of OrthoSpineNews.

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