Tenex completes merger, wraps $11.8 million equity private placement

Emergent Financial Group is agent for oversubscribed offering

By Devika Patel

Knoxville, Tenn., Feb. 6 - Tenex Health Inc. raised $11.8 million in a private placement of equity, the agent, Emergent Financial Group, Inc., said in a press release.

Tenex increased the offering from $8 million, as the deal was "quickly oversubscribed by investors," the agent said in the release.

"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 Focused Aspiration of Scar Tissue (FAST) procedure," Tenex's chief executive officer Jagi Gill said in a press release. "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."

The company also completed a reverse merger with Pet Health Holdings, Inc. The placement was part of the merger.

Based in Bloomington, Minn., Tenex develops and markets therapies to treat tendon pain due to trauma or repetitive motion injuries. The company was named as the top-rated medical device company in Forbes' 2011 list of "America's 100 Most Promising Companies."

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