Tenon Medical Announces Closing of $1.25 Million
Provides Additional Liquidity to Augment Commercialization of Tenon's SI Joint Fusion Devices
Tenon Medical, Inc., a company transforming care for patients suffering with certain sacroiliac joint disorders, announced that it issued $1.25 million in Secured Notes due November 21, 2024 (the "Notes") and warrants to purchase 45,000 shares of the Company's common stock (the "Warrants"), in a private placement led by veteran early stage medical technology and health tech investor Steve Hochberg, Partner of Ascent Special Ventures ("Ascent"). The Notes accrue interest at 10% per annum and are prepayable at any time by the Company. The Warrants have a five-year term and an exercise price of $1.94, which is subject to adjustment. The Company will utilize the proceeds for working capital and general corporate purposes.
"We deeply value this investment and vote of confidence from Steve as a distinguished veteran investor in the medical technology industry and his leadership of Ascent Special Ventures' discerning capital allocation," said Steven Foster, Chief Executive Officer and Chairman. "We are encouraged by Ascent's interest in our mission to innovate treatments for chronic sacroiliac joint pain and disorders. This investment will bolster our cash position as we track towards Tenon's next stage of development and growth in commercialization."
Steve Hochberg, Partner of Ascent, commented, "I am pleased this capital investment by Ascent will provide Tenon's management team the flexibility to advance the Company's SI Joint Fusion medical device, accompanying technological improvements and commercial expansion. We are long-term supporters of Tenon's mission of providing efficient and effective surgical options to treat sacroiliac joint disorders."
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities of Tenon in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
Published on : 22nd November, 2023