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United States : ZYGA TECHNOLOGY successfully closes $10 MILLION Financing Round.

Minnetonka-based Zyga Technology Inc., a developer of medical devices for lower spine conditions, declared that it has successfully closed $10 million round of financing.

The financing is a combination of $8 million in debt through St. Louis Park-based Silicon Valley Bank and $2 million in equity through current major investors.

According to the company, it plans to utilize the money to fund sales and marketing of its products, including the execution of three clinical studies.

At present, the company makes two medical devices namely the SImmetry Sacroiliac Joint Fusion System treats pain where the spine meets the pelvis and the Glyder Facet Restoration System, treats chronic facet joint pain.

These products are subject to the approval from the U.S. Food and Drug Administration.

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Publication:Mena Report
Date:Sep 27, 2014
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