Baxano Surgical, Inc fka BAXSQ

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Baxano Surgical Completes Financing and Continues Streamlined Business Operations




RALEIGH, N.C., Sept. 25, 2014 (GLOBE NEWSWIRE) -- Baxano Surgical, Inc. (BAXS), a medical device company focused on designing, developing and marketing minimally invasive products to treat degenerative conditions of the lumbar spine, announced that the Company has completed a recent subordinated convertible note financing of approximately $1.5 million to extend its cash runway. In connection with the financing, the Company has also streamlined its business to reduce its operating expenses while maintaining its commercial operations.

"We have been able to complete a needed financing that, together with the restructuring of our operations, gives us a cash runway to continue to pursue our strategic alternatives with Houlihan Lokey," stated Ken Reali, President and CEO of Baxano Surgical.

There can be no assurance that Baxano Surgical will enter into any strategic transaction as a result of this process. Baxano Surgical does not plan to disclose or comment on developments regarding its strategic alternatives review process until further disclosure is deemed necessary or appropriate.