Endologix secures $20m in equity placement to expand sales network:
This article was originally published in Clinica
Endologix has raised $20m through the direct placement of 6.1 million shares with several unnamed institutional investors. The proceeds will enable the Irvine, California company to grow its sales force to 40-50 representatives by the end of the year and expand its marketing efforts in the US to commercialise its flagship product, the Powerlink system designed as a minimally-invasive treatment of abdominal aortic aneurysms. "Importantly, we believe we now have sufficient capital resources to operate our business to cash flow-positive operations," added Paul McCormick, Endologix' president and CEO.