By Thomas Lee
Anulex Technologies Inc. of Minnetonka, Minn., raised $18 million in a Series E financing round and plans to raise at least $2 million more, according to CFO David Noel.
That brings Anulexs total haul to about $75 million since 2003, including a $3.8 million sale debt and options offering in March.
The company will use the latest money to finish the post-market study of its Xclose tissue repair system. The technology uses braided polyester bands to make an X-shaped stitch over openings in the soft tissue around the spine. The device is designed to prevent discs from re-herniating after surgery and speed healing. Anulex will also fund further research into its Rimclose bone anchor system to repair damaged spinal discs.
The companys investors include Affinity Capital, Delphi Ventures, MB Venture Partners, New Enterprise Associates, SightLine Partners, Split Rock Partners and newcomers Hatteras Late Stage VC Fund 1 LP and an unnamed strategic investor.