Daily News: May 31, 2013

TranS1 Acquires Baxano, Assumes Existing Facility

TranS1 Inc. announced that it completed its acquisition of Baxano, a privately-held medical device company that manufactures and markets the iO-Flex system utilized in standard spinal decompression surgery and is developing the iO-Tome system, a precision facetectomy instrument. The new company will be known as Baxano Surgical.

In connection with the merger, the company assumed and became the borrower under Baxano’s existing secured credit facility provided by Oxford Finance and Silicon Valley Bank.

The credit facility consists of a $3 million term loan accruing interest at a fixed rate of 6.72% and is secured by a first priority security interest in substantially all of the company’s personal property other than intellectual property. The credit facility has a maturity date of May 2016.

Baxano Surgical is a medical device company focused on designing, developing, and marketing products to treat degenerative conditions of the spine affecting the lumbar region.

To read the full news release, click here.