Xtant Medical entered an agreement to sell common stock and warrants to investors.
The investment is expected to be about $9.75 million, and funding is led by biotech executive Stavros Vizirgianakis, the devicemaker said in an Aug. 24 news release.
Proceeds from the transaction are expected to help working capital and general corporate purchases. The closing is expected to take place over two phases: one in August and one in October.
After the first closing, Mr. Vizirgianakis will be non-executive chair of Xtant's board.