SpineGuard Raises $3.1 Million of Fresh Equity Finance

French company Spine Guard Inc. (known as SpineGuard) has completed an additional equity round of $1 million. This brings the fresh equity funds raised in the second quarter to $3.1 million made up of equity rounds in June and two equity line draws in April and May.

In addition to the $1.8 million private placement with institutional investors announced on June 4, the company has completed a $1 million equity round, issuing new shares to named investors. This transaction was completed at a subscription price of €5 (approximately $5.61 USD) per share, equivalent to that of the private placement of June 4, despite unfavorable market conditions. This placement, for which settlement takes place today, represents 177,300 new shares, or 4 percent of the issued shares, taking the total number of new shares created in the two private placements in June to 487,900, or 10.9 percent of the issued shares.

Despite the cancellation of the public offering announced by the company on June 4 due to adverse market conditions, the company was able to serve most of the subscription demands received. Pursuant to article L. 225-138 of the French Commercial Code, this equity round was reserved for named investors meeting certain criteria as defined in resolution 13 of the shareholders’ meeting of May 28, 2014.

“I would like to warmly thank all those who subscribed to these equity rounds, thus helping to extend the scope of SpineGuard’s Dynamic Surgical Guidance (DSG) technology platform, and in particular the market launch of the first ‘smart screws’ for spine surgery,” said Pierre Jérôme, CEO and co-founder of SpineGuard.

SpineGuard has offices in Paris, France and San Francisco, Calif.