Spinal device maker Facet Solutions Inc. (Hopkinton, MA) has raised $3.6 million and is in the process of raising an additional $4.7 million, according to President and CEO Geoff Pardo. The money will be used to fund an investigational device exemption study. The Journal of New England Technology reports that Pardo also suggested the $4.7 million that needs to be raised could involve an acquisition.
In an announcement made this morning Facet Solutions has acquired Archus Orthopedics. The deals gives the company a stronger IP hold, with 36 patents and nearly 200 patent applications.
Facet Solution’s core product is the Acadia joint reconstruction device, which is currently in a clinical trial. It matches the size and shape of the facet joint and uses conventional pedicle screw fixation to preserve motion and stability.
