Tenon Medical, which is launching a surgical implant system for sacroiliac joint fusion procedures, raised $16 million by offering 3.2 million shares at $5, the midpoint of the range of $4.50 to $5.50. The company offered 0.8 million fewer shares than previously anticipated.
Tenon has developed a proprietary, FDA cleared surgical implant system designed to optimize sacroiliac joint (SI joint) fixation and fusion surgery and corresponding outcomes. The company is preparing a national commercial launch of this system, The CATAMARAN SIJ Fusion System (The CATAMARAN System). The CATAMARAN System includes instruments and implants designed to prepare and fixate the SI joint for fusion.
Tenon Medical plans to list on the Nasdaq under the symbol TNON. The Benchmark Company and Valuable Capital acted as joint bookrunners on the deal.
