A tendon injury treatment firm that has licensed technology developed at the Mayo Clinic has raised $11.8 million through a PIPE (private investment in a public entity) transaction.
Tenex Health is a California company that has developed the FAST (Focused Aspiration of Soft Tissue) procedurefor percutaneous removal of tissue that can help restore the normal functioning of tendons and soft tissue. Last February, Tenex announced the FDA clearance of its portable device used in conjunction with the FAST procedure that allowedsoft tissue removalin the elbow, knee, ankle, foot, and shoulder.
The company was previously a private firm but became public with a reverse merger withDirect Pet Health Holdings Inc., which trades over the counter. Tenex was looking to raise only $8 million, but interest from investors led it to offer $11.8 million.
“The financing has allowed us to fully integrate manufacturing and production capabilities with operations and sales as well as expand our physician and consumer marketing campaigns surrounding the FAST procedure,” said Jagi Gill, Tenex Health’s founder in a news releaseby the firm’s investment bank.
Orthopedic surgeons have also invested in the company, according to Emergent Financial Group, the Minnesota investment bank that worked with Tenex Health.
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By Arundhati Parmar
Arundhati Parmar is the Medical Devices Reporter at MedCity News. She has covered medical technology since 2008 and specialized in business journalism since 2001. Parmar has three degrees from three continents - a Bachelor of Arts in English from Jadavpur University, Kolkata, India; a Masters in English Literature from the University of Sydney, Australia and a Masters in Journalism from Northwestern University in Chicago. She has sworn never to enter a classroom again.More posts by Author
Hello,
I was curious if this device is designed to treat ligaments as well. I had a tear in my wrist, which apparently has healed. However there is still irritation and pain, which leads me to believe that the PRP treatment I have received might not be working.