Tenon Medical Announces Closing of $1.25 Million Secured Note Financing
News provided byACCESSWIRE
Nov 21, 2023, 4:35 PM ET
~ Provides Additional Liquidity to Augment Commercialization of Tenon's SI Joint Fusion Devices ~
LOS GATOS, CA / ACCESSWIRE / November 21, 2023 / Tenon Medical, Inc. ("Tenon" or the "Company") (NASDAQ:TNON), a company transforming care for patients suffering with certain sacroiliac joint disorders, today 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.
About Tenon Medical, Inc.
Tenon Medical, Inc., a medical device company formed in 2012, has developed The Catamaran® SI Joint Fusion System that offers a novel, less invasive approach to the SI joint using a single, robust titanium implant. The system features the Catamaran® Fixation Device which passes through both the axial and sagittal planes of the ilium and sacrum, stabilizing and transfixing the SI Joint along its longitudinal axis. The angle and trajectory of the Catamaran surgical approach is also designed to provide a pathway away from critical neural and vascular structures and into the strongest cortical bone. Since the national launch of the Catamaran SI Joint Fusion System in October 2022 Tenon is focused on three commercial opportunities with its System in the SI Joint market which includes: 1) Primary SI Joint procedures, 2) Revision procedures of failed SI Joint implants and 3) SI Joint fusion adjunct to a spine fusion construct. For more information, please visit https://www.tenonmed.com/.
The Tenon Medical logo, Tenon Medical and Catamaran are registered trademarks of Tenon Medical, Inc.
Forward Looking Statements
This press release contains "forward-looking statements," which are statements related to events, results, activities or developments that Tenon expects, believes or anticipates will or may occur in the future. Forward-looking often contains words such as "intends," "estimates," "anticipates," "hopes," "projects," "plans," "expects," "seek," "believes," "see," "should," "will," "would," "target," and similar expressions and the negative versions thereof. Such statements are based on Tenon's experience and perception of current conditions, trends, expected future developments and other factors it believes are appropriate under the circumstances, and speak only as of the date made. Forward-looking statements are inherently uncertain and actual results may differ materially from assumptions, estimates or expectations reflected or contained in the forward-looking statements as a result of various factors. For details on the uncertainties that may cause our actual results to be materially different than those expressed in our forward-looking statements, please review our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 on file with the Securities and Exchange Commission at www.sec.gov, particularly the information contained in the section entitled "Risk Factors". We undertake no obligation to publicly update or revise any forward-looking statements to reflect new information or future events or otherwise unless required by law.
Shannon Devine: 203-741-8811
MZ North America
SOURCE: Tenon Medical, Inc.
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