Ortho Kinematics Raises $4 Million in Debt Financing
Company Strengthens Cash Position, Focusing on Commercialization Efforts
January 05, 2016 09:00 AM Eastern Standard Time
AUSTIN, Texas--(BUSINESS WIRE)--Ortho Kinematics‚ Inc. (OKI), a privately held healthcare diagnostics company focused on spine imaging informatics, announced today the close of $4 million in debt financing. This financing will be used to strengthen OKI's cash position, expand US and OUS commercialization of the VMA (Vertebral Motion Analysis), the company's flagship product for the radiographic assessment of spinal motion and instability and the launch of several new product features.
"Patients benefit from improved diagnostic capabilities. The VMA provides the biomechanical insight we have not had in the past. This advanced clinical information can impact diagnostic and treatment decisions."
The debt financing was completed amongst current OKI investors and largely led by TEXO Ventures, an early stage technology venture fund focused on the business of healthcare, as well as other previous investors. Terms of the financing were not disclosed.
Seattle-based spine neurosurgeon, Dr. Richard Wohns, MD, JD, MBA, and Founder of NeoSpine, commented on the VMA technology saying, "Patients benefit from improved diagnostic capabilities. The VMA provides the biomechanical insight we have not had in the past. This advanced clinical information can impact diagnostic and treatment decisions."
OKI has commercially tested over 4,000 patients with the VMA technology. With the significant uptick in sales and adoption of the VMA technology, OKI has announced the appointment of Margie Hans as Director of Reimbursement and Health Policy. Ms. Hans joins OKI with 15+ years of experience in medical device reimbursement and payer policy.
Paul Gunnoe, CEO of OKI, said, "This debt financing is a strong vote of confidence by OKI's current shareholders. We have ambitious plans in 2016 and this additional financing provides us a strong cash position and the resources to support those plans. The VMA test is a disruptive diagnostic technology that allows us to position ourselves as leader in the spine industry."
About Ortho Kinematics
Ortho Kinematics is a privately held diagnostic technology company, focused on spine imaging informatics and committed to the idea that spine motion matters. The company is working with a group of leading clinicians, researchers, and developers who are passionate about leveraging spine biomechanical data to improve the diagnosis and treatment of back pain. Ortho Kinematics is located in Austin, Texas and at www.orthokinematics.com.
Ortho Kinematics‚ Inc.
Paul Gunnoe, 512-334-5490