Zyga Technology completed a round of financing to prepare the company for the future.
Zyga is focused on minimally invasive solutions for the sacroiliac joint. The company is currently engaged in studies for the SImmetry Sacroiliac Joint Fusion System. Here are five things to know about the financing:
1. The company completed a $10 million round of financing.
2. The financing will be used to fund the expansion of Zyga's United States sales and marketing organization to prepare for 2015, when MIS SI joint fusion will have a Category I CPT code.
3. The financing is a combination of $8 million in debt supplemented with $2 million in equity.
4. Silicon Valley Bank was the sole debt provider and the equity financing will be supported by all major investors. "We are pleased by the continued support of our investors and look forward to the partnership with Silicon Valley Bank," said Zyga's President and CEO Jim Bullock.
5. Part of the financing will also support three clinical studies:
• A multicenter single-arm study of the Zyga SImmetry Sacroiliac Joint Fusion System;
• A multi-site study of the Zyga GlyDer Facet Restoration Device for patients with lumbar facet pain syndrome;
• A single-center single arm study on sacroiliac fusion.