Thursday, November 5, 2009

Medical device firm Facet Solutions pulls in $3.6M

By Mass High Tech staff

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Hopkinton medical device firm Facet Solutions Inc. has raised $3.6 million, according to a filing with the U.S. Securities and Exchange Commission. The offering involves a combination of Facet debt and warrants.

Geoff Pardo, president and CEO of the company, said that Facet Solutions is in the process of raising more money — “about $4.7 million.” He hinted that the transaction involves an acquisition to be announced later. In June, Pardo also made a similar statement, saying that he expected to announce a large deal in the fall.

Pardo added that the funds raised in the offering are being used for a U.S. pre-market approval investigational device exemption (IDE) study.

Privately held Facet Solutions develops and commercializes surgical devices for spinal disorder treatments. The company is backed by Spray Venture Partners of Newton, Palo Alto, Calif.-based DeNovo Ventures and New York-based FirstMark Capital.