Medicrea raises $22M+; adds Globus Medical founding member as chief commercial officer: 6 key points

Anuja Vaidya -   Print  |

Medicrea entered into agreements to raise €20 million, or $22.35 million, and has appointed Richard Kienzle as chief commercial officer and business development officer.

Here are six key points:

 

1. The financing consists of €15 million, or $16.7 million, in convertible bonds and €5 million, or $5.5 million, in equity. The sole investor in the convertible bonds is Athyrium Capital Management.

 

2. Additionally, in the equity private placement, Medicrea will issue 1.02 million in common shares.

 

3. Medicrea will use the funds to further commercialize its UNiD Patient-Specific Rods in the U.S. market.

 

4. It also plans to begin commercializing the technology in new international markets.

 

5. Mr. Kienzle, who will also join Medicrea's board of directors, was a founding member of Globus Medical.

 

6. He served as Globus Medical's executive vice president of global sales and marketing.

 

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