Silicon Valley Bank backs Zyga
Zyga Technology has closed $10 million in funding. The investors included Silicon Valley Bank. Based in Minnetonka, Minnesota, Zyga is a provider of minimally invasive solutions for the spine.
MINNETONKA, Minn., Sept. 25, 2014 /PRNewswire/ — Zyga Technology, Inc., a developer of minimally invasive solutions for underserved areas in spine, announced today that it has completed a $10 million round of financing. The company intends to use the proceeds to fund the expansion of its U.S. sales and marketing organization as it prepares for the implementation of a Category 1 CPT code for SI joint fusion procedures in January 2015. In addition, the financing will also be used to support three clinical studies including EVSI (EVoluSIon Study using the Zyga SImmetry Sacroiliac Joint Fusion System), a U.S. multicenter single-arm study; SAIF (SAcroIliac Fusion Study), a single-center single-arm study; and DUET (A Multi-Site Study of the Zyga GlyDer Facet Restoration Device in Subjects with LUmbar FacET Pain Syndrome), a U.S. multicenter single-arm study.
The financing is a combination of $8 million in debt supplemented with $2 million in equity. Silicon Valley Bank was the sole debt provider and the equity financing will be supported by all existing major investors. “The funds secured in this round of financing will be important as Zyga expands its commercial capabilities to meet increasing demand for the innovative SImmetry Sacroiliac Joint Fusion System, and completes enrollment in key clinical studies including the U.S. feasibility study of the Glyder® Facet Restoration Device,” said Jim Bullock, President and CEO of Zyga Technology. “We are pleased by the continued support of our investors, and look forward to the partnership with Silicon Valley Bank.”
Zyga Technology has developed two minimally invasive products designed to treat under-served conditions of the lumbar spine:
SImmetry® Sacroiliac Joint Fusion System provides a unique approach to physicians addressing sacroiliac joint dysfunction, a growing category in the spine market. The system uses proven orthopedic principles, including joint decortication, bone grafting and fixation with a threaded implant, to provide a “true SI joint arthrodesis.” Zyga is currently sponsoring two clinical investigations to demonstrate efficacy in patients receiving SImmetry SI joint fusion.