Venture capitalists may be stingy these days but it seems what little money they’re willing to spend is going toward Anulex Technologies Inc. in Minnetonka, Minn.
The company said Thursday that it raised $18 million in a Series E financing round. And Anulex still plans to raise at least $2 million more, said CFO David Noel.
That brings Anulex’s total haul to about $75 million since 2003, including a $3.8 million sale of debt and options in March.
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The company will use the latest money to finish the post-market study of its Xclose Tissue Repair System. The technology uses small 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 to speed healing.
Anulex will also fund further research into its Rimclose bone anchor system to repair damaged spinal discs.
The company’s 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, L.P and an unnamed strategic investor.
