Amedica Corporation announced it has secured up to $26 million in additional funding.
The funding consists of $20 million in debt financing from Hercules Technology Growth Capital, as well as a private placement to MG Partners II of 6% senior convertible notes in an aggregate principal amount of up to $6 million, according to a company press release.
Approximately $15.2 million will go toward retiring Amedica’s senior secured credit facility with General Electric. The remainder of the funds will be used to further the development of Amedica’s Silicon Nitride spinal fusion products, as well as its product candidates for use in total hip and knee joint replacements.
“This is a significant milestone for the company,” Eric Olson, president and CEO of Amedica, said in the release. “Refinancing the GE Credit Facility and securing the additional working capital now puts us in a stronger financial position to further our company objectives.”