August 09, 2014
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Amedica announces funding agreement
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Amedica recently announced it has secured up to $26 million in additional funding.
The funding consists of a $20 million debt financing with Hercules Technology Growth Capital and a private placement to MG Partners II of 6% Senior Convertible Notes in an aggregate principal amount of up to $6 million.
Approximately $15.2 million will go toward retiring Amedica’s senior secured credit facility with General Electric Capital Corporation, according to a company press release.
The remainder will be used to expand commercialization and development of the company’s Silicon Nitride line of spinal fusion products and product candidates for use in total hip and knee joint replacements, as well as for general corporate purposes.