SpineForm has raised more than half of a hoped for $1 million to further development of a scoliosis-treating medical device.
The company has raised $539,000 in equity from 14 investors, according to a regulatory filing with the U.S. Securities and Exchange Commission (SEC).
The latest SEC document is an amendment to a filing from last year in which the company said it had raised $464,000 in equity from 12 investors.
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Brandon Glenn Website Brandon Glenn is the Ohio bureau chief for MedCity News.
CEO Joe Reynolds declined comment.
SpineForm was founded in 2004 to commercialize technology developed at Cincinnati Children’s Hospital Medical Center. The company is developing a “spine staple” to correct without surgery a curvature of the spine known as scoliosis. The company hopes the device slows the effects of scoliosis in children and decreases the curvature as children get older.
In addition to Cincinnati Children’s, SpineForm has received investment funding from state-supported investment group CincyTech and angel group Queen City Angels.
The company has also received a $1 million grant through Ohio’s Third Frontier program.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Brandon Glenn is the Ohio bureau chief for MedCity News.
