ST. PAUL, Minnesota — OrthoCor Medical Inc. is seeking to raise $1 million from the sale of equity, warrants or options , according to documents recently filed with the Securities and Exchange Commission.
The company, which raised $1 million from angel investors last year, has so far raised $16,000 from the latest sale, the SEC documents show.
Overall, OrthoCor hopes to raise $3 million to expand its sales and marketing operations. The start-up is close to signing a deal with a Chicago-based wealth management firm for the remaining $2 million, sources say.
In December, OrthoCor, located at the University Enterprise Laboratories incubator in St. Paul, received approval from the Food and Drug Administration for its OrthoCor Active Knee System. The technology employs a brace that delivers electromagnetic energy to soft tissue to reduce post-operative pain and inflammation and minor muscle and joint aches resulting from over-exertion, strains, sprains and arthritis.
CEO John Dinusson, who previously worked at Blumburg Capital, an early stage venture capital firm, and the Initiative Foundation, declined to comment.
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