Mequon-based Titan Spine LLC has raised $7.5 million from Southlake Equity Group, according to an SEC filing the company submitted this week.
[caption id="attachment_140783" align="alignright" width="322"]
The interior of Titan Spine's manufacturing plant in Brown Deer.[/caption]
The medical device development company began offering the equity fund on June 30, and has raised the total amount in series D units from one investor, according to the filing.
Titan Spine announced in July
it had raised a “substantial” investment from Texas-based Southlake in a round finalized June 30, which Titan founder and chief executive officer Dr. Peter Ullrich described then as more than all the other funds the company had raised in its history, combined. The company confirmed today the $7.5 million is the total Southlake investment.
For this raise, Titan first started offering a separate, indefinite equity fund to early investors on June 17, with a minimum investment of $25,000. Titan has raised $202,262 from five investors in that offering, according to a different filing this week.
In 2011, Titan raised $2.6 million in debt from 12 investors, according to an SEC filing.
The investment gave Southlake a minority ownership stake in the company. Ullrich and a number of others make up the majority ownership group.
Titan, founded in 2006, makes a line
of titanium interbody spinal implants equipped with a special grooved surface that encourages bone growth. The products are developed at its Mequon headquarters and manufactured in Brown Deer. The company, which has 72 employees, will use both the recent investments to support its rapid growth and commercialize its new nanoLOCK surface interbody device. Part of that process involves doubling its sales force.