Surgalign Holdings Inc (NASDAQ: SRGA) stock traded at $1.47 on June 11, 2021.
The stock lost 54.06% in the past year, and the overall trend is bearish.
Raises $50 million through the securities purchase agreement
Surgalign Holdings signed a securities purchase accord with certain institutional investors to sell its 28.985 million common shares and warrants each at $1.725.
The exercise price of each warrant is $1.725. Investors need to exercise their warrants within three years from the date of issue.
Surgalign Holdings will close the direct offering on or before June 14, 2021. It hired H.C. Wainwright & Co as an agent for the placement of securities.
It will use $50 million from this deal for general corporate purposes such as digital surgical guidance system development and approval and working capital needs.
Enters a collaboration agreement with Inteneural Networks
Surgalign Holdings signed a collaboration pact with Inteneural Networks on June 7, 2021. The company will evaluate Inteneural’s proprietary technology to integrate with its digital surgery portfolio.
Inteneural develops IP (intellectual property), allowing the computers to segment/detect neutral structures from the medical images. The computers use ML (Machine Learning) to provide reference information to the medical experts quickly.
Inteneural will also use its algorithms in neurosurgery and cranial applications for referencing stroke, aneurysm, and tumor.
CEO of Surgalign Holdings, Terry Rich, concentrates on using digital surgery in SP (spine procedures). It will also have an expansive vision for emerging technologies. The company will expand the scope of AI (Artificial Intelligence) in medical imaging and neurosurgery.
Terry further said the company developed innovative autonomous brain anatomy segmentation capabilities and ML (machine learning) based analytics that would play an essential role in neurosurgery.
The collaborative agreement between Inteneural and Surgalign Holdings allows for improved R&D efficiencies. It also paves the way for expanding into addressable markets and promotes technology development for the digital surgery space.