BLOOMINGTON, Minn.--(BUSINESS WIRE)--Emergent Financial Group, Inc. (www.emergentfinancial.com) today announced the completion of a $11.8 million private placement transaction for Tenex Health Inc.(www.tenexhealth.com), a California-based medical technology company developing the FAST™ Procedure (Focused Aspiration of Scar Tissue) for the treatment of tendon injuries (www.fastprocedure.com). The private investment in a public equity (PIPE) financing was part of a reverse merger with U.S.-listed Direct Pet Health Holdings, Inc. (OTC:DPHG). Emergent Financial Group acted as the sole placement agent of common stock on behalf of Tenex Health.
Emergent Financial Group is proud to be associated with Tenex Health and their revolutionary product that was developed in collaboration with the Mayo Clinic. Due to the overwhelming response from potential investors, Tenex Health increased the size of the offering from the original amount of $8.0 million to $11.8 million. Commenting on the successful equity offering, Emergent Financial CEO Peter Voldness stated: "The Tenex Health offering was a success by every measure. The offering was quickly oversubscribed by investors, including prominent orthopedic surgeons across the country that recognized the first mover advantage of the new therapy platform.” Additionally, Tenex was recently named by Forbes magazine as the top rated medical device company in their 2011 list of America's 100 Most Promising Companies.
“Through the efforts and guidance from Emergent Financial, we were able to quickly and effectively raise the funds to galvanize the growth of our company,” said Jagi Gill, CEO and Founder of Tenex Health Inc. Jagi Gill also added: “The financing has allowed us to fully integrate manufacturing and production capabilities with operations and sales as well as expand our physician and consumer marketing campaigns surrounding the FAST procedure. With such a comprehensive talent and resource pool, we can more effectively deliver our compelling therapy to the marketplace and build a robust product pipeline.”
About Tenex Health Inc.
Tenex Health, Inc. (www.tenexhealth.com) develops and markets innovative therapies for the treatment of tendon pain due to trauma or repetitive motion injuries. The minimally invasive procedure, known as FAST™ (Focused Aspiration of Scar Tissue), utilizes the company’s proprietary TX1 Tissue Removal System to debride and aspirate diseased soft tissue and bone spurs in an outpatient setting using local anesthetic (www.fastprocedure.com). Since the surrounding healthy tendon tissue is not disturbed, patients enjoy less discomfort and faster recovery times versus traditional open surgical procedures. The entire procedure is completed under local anesthesia and usually within 15 minutes.
About Emergent Financial Group, Inc. (www.emergentfinancial.com)
Emergent Financial Group provides investment banking services for early stage growth companies in healthcare. By specializing on innovative healthcare companies, Emergent has developed an understanding of these companies, their entrepreneurial managers, and their highly specialized financing needs.