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| The Mobi-C Cervical Disc--Courtesy of the FDA |
Austin, TX-based LDR ($LDRH), the maker of the first FDA-approved, two-level treatment for cervical degenerative disc disorders, has positioned itself to raise an additional $150 million, according to a filing with the SEC.
LDR said in the regulatory filing that it would raise the funds through a combination of stock and other securities that would be used for "general corporate purposes." The Austin American-Statesman reported LDR wasn't immediately looking to generate the money, but wanted to file the paperwork to speed the process when it is ready. Such regulatory filings are valid for three years.
For its third quarter, the company reported a net loss of $2 million off of $35.9 million in generated revenue. During the first 9 months of 2014 it tabbed losses of $7.9 million on $101.7 million in revenue.
LDR has a slate of orthopedic products for spinal procedures, including the Mobi-C Cervical Disc designed to provide mobility to the spine. Approved by the FDA in the summer of 2013, the company touts the Mobi-C as the the first and only cervical disc replacement device to get U.S. regulatory approval to treat both one-level and two-level cervical disc disease. The cobalt-chromium and polyethylene implant is designed to mimic natural cervical spine motion.
LDR went public in an IPO that raised $75 million only weeks after Mobi-C's approval. According to a 2013 report by the Millennium Research Group, more minimally invasive surgeries will trigger modest growth in the U.S. spinal implant market over the coming years, helping the sector reach the $6.6 billion mark by 2012.
- see the SEC filing
- check out the Statesman story (sub. req.)