ST. PAUL, Minnesota — OrthoCor Medical Inc. is seeking to raise $1 million from the sale of equity, warrants or options , according to documents recently filed with the Securities and Exchange Commission.
The company, which raised $1 million from angel investors last year, has so far raised $16,000 from the latest sale, the SEC documents show.
Overall, OrthoCor hopes to raise $3 million to expand its sales and marketing operations. The start-up is close to signing a deal with a Chicago-based wealth management firm for the remaining $2 million, sources say.
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In December, OrthoCor, located at the University Enterprise Laboratories incubator in St. Paul, received approval from the Food and Drug Administration for its OrthoCor Active Knee System. The technology employs a brace that delivers electromagnetic energy to soft tissue to reduce post-operative pain and inflammation and minor muscle and joint aches resulting from over-exertion, strains, sprains and arthritis.
CEO John Dinusson, who previously worked at Blumburg Capital, an early stage venture capital firm, and the Initiative Foundation, declined to comment.
