Anulex Technologies Inc., a Minnetonka, Minn.-based maker of medical devices for spinal disk preservation and anular repair, has raised $18.26 million in a Series E funding round that could expand to $20 million. An undisclosed strategic investor was joined by Hatteras Late Stage VC Fund and return backers Affinity Capital, Delphi Ventures, MB Venture Partners, New Enterprise Associates, SightLine Partners and Split Rock Partners. The company previously raised more than $44 million, plus a $7 million “growth capital term loan” from Silicon Valley Bank.
Anulex Technologies, Inc., a privately held medical device manufacturer focusing on soft tissue Preservation & Anular Repair products, announced the first closing of its fifth round of private equity financing which will total a minimum of $20 million. The Series E round was led by a new unnamed strategic investor with participation from existing investors Affinity Capital, Delphi Ventures, MB Venture Partners, New Enterprise Associates, SightLine Partners and Split Rock Partners. In addition, another new investor – the Hatteras Late Stage VC Fund 1, L.P. joined the Series E financing round.
Commenting on the financing, Rich Lunsford, Anulex’s President and Chief Executive Officer, said, “We are excited to complete this round of financing during a very challenging funding environment. This financing will give us the ability to expand our commercialization efforts and complete the follow-up phases of our ground-breaking XcloseTM Tissue Repair System post market clinical study. The study represents one of the largest prospective randomized clinical studies in spine with the goal of providing further evidence to support the benefits of preservation and repair of the anulus. This funding will also provide additional investment for a feasibility study for our RimcloseTM product and further support the company’s innovative research and development strategy. We are very enthused to have a new strategic investor join our world class investor group and we believe there may be opportunities to collaborate with each other in the future”
Anulex Technologies, Inc. is a privately held company dedicated to the development and commercialization of unique and proprietary soft tissue repair products. Back pain afflicts four out of every five individuals at some point during their life, and it is a major cause of disability. Once the Series E financing is completed, Anulex will have raised approximately $68.6 million through five rounds of equity financing to support these efforts. More information on the Company can be found at www.anulex.com.