Accelus Announces Closing of $20 Million Debt Facility with Symbiotic Capital – Accelus
Summary
Cash infusion to provide company with additional resources for accelerated growthPALM BEACH GARDENS, Fla., JANUARY 18, 2024 (GLOBE NEWSWIRE) Accelus, a privately held medical technology company committed to becoming the global market leader in expandable spinal implant technologies, announced today that it has received a significant financial investment through a $20 million debt facility from Symbiotic Capital.This strategic funding from Symbiotic Capital represents a critical milestone in Acceluss journey toward establishing itself as the global market leader in expandable spinal implant solutions. The infusion of capital not only strengthens the companys balance sheet but will also enable the aggressive expansion of its sales force into previously underpenetrated markets and accelerate the companys clinical research and product development efforts, especially around its flagship FlareHawk and innovative Toro expandable interbody fusion systems.Symbiotic Capitals investment is a testament to the growth potential of Acceluss technology and our vision for the future of minimally invasive spine care, said Kevin McGann, President & Chief Executive Officer of Accelus. Symbiotic Capital is an ideal partner for Accelus, sharing our commitment to innovations that support surgeons and improve patient outcomes, and their support will be instrumental in broadening our market reach and speeding up our R&D to ensure we stay at the forefront of spinal implant technology.The funding will also be used to help support Acceluss renewed focus on its Adaptive Geometry technology, an advanced feature of its flagship FlareHawk\xae Interbody Fusion System, by facilitating additional clinical studies and data collection. FlareHawks unique design has demonstrated favorable fusion and patient outcomes in previously published clinical reports, demonstrating the cages ability to conform to patients endplate geometry with zero cases of device subsidence (defined as an overlap between the vertebral endplates and the device exceeding 25% of the device height).1,2 This strategic investment in further research and data analysis is expected to reinforce the clinical efficacy of the FlareHawk system, solidifying Acceluss position as a leader in expandable spinal implant technologies.Accelus, a worldwide leader in expandable spinal implant technology, is dedicated to enhancing surgical procedures and patient outcomes through innovative spinal solutions. Coric D, Roybal RR, Grubb M, et al. Bidirectional expandable technology for transforaminal or posterior lumbar interbody fusion: a retrospective analysis of safety and performance.