September 13, 2024 - $Tenon Medical (TNON.US)$ shares surged 134.32% to $10.31 on Friday.
The company is preparing for the alpha launch of their new Catamaran SE SI Joint Fusion System in Q4. This system offers a smaller implant option with a 30% width reduction, catering to physicians dealing with limited space or revising failed SI joint implants.
In addition, the company announced a public offering with a health-care focused investor for up to 1,222,850 shares of common stock and warrants at $3.68 per share. The offering is expected to generate approximately $4.5 million in gross proceeds, with funds allocated for commercial activities and general corporate use.
About Tenon Medical
Tenon Medical, Inc., a medical device company formed in 2012, has developed The Catamaran SI Joint Fusion System that offers a novel, less invasive approach to the SI joint using a single, robust titanium implant. The system features the Catamaran™️ Fixation Device which passes through both the axial and sagittal planes of the ilium and sacrum, stabilizing and transfixing the SI Joint along its longitudinal axis. The angle and trajectory of the Catamaran surgical approach is also designed to provide a pathway away from critical neural and vascular structures and into the strongest cortical bone. Since the national launch of the Catamaran SI Joint Fusion System in October 2022 Tenon is focused on two commercial opportunities with its System in the SI Joint market which includes: 1) Primary SI Joint procedures, and 2) Revision procedures of failed SI Joint implants.
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