Amedica Corp. has announced it secured up to $26 million in financing.
Amedica, headquartered in Salt Lake City, is a spinal and orthopedic implant and instrument company focused on silicon nitride ceramic technologies.
The funding consists of a $20 million debt financing with Hercules Technology Growth Capital and a private placement to MG Partners II, an affiliate of Magna, of 6% senior convertible notes in an aggregate principal amount of up to $6 million.
Amedica indicated that approximately $15.2 million of the financing proceeds will be used to retire senior secured credit facility with General Electric Capital Corp. The balance will go toward further commercialization and development of products and general corporate purposes.