Redmond, Wash.-based Archus Orthopedics, developer of an implant to help people retain flexibility after back surgery, is dissolving because it failed to raise enough capital to bring its product to market, according to a report by Xconomy.
The company had been developing artificial facet joints in the spine with a technology called the Total Facet Arthroplasty System.
However, Archus hit a cash crunch this spring when sponsoring a big clinical trial of 450 patients and it was forced to lay off most of its 45 employees.
Read Xconomy’s report about Archus Orthopedics.
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