Torax Medical raises $25m

Torax Medical said today that it raised $25 million in a new round of equity financing, according to an SEC filing posted today.

Torax develops the Fenix magnetic continence restoration system, which is made up of a series of magnetic titanium beads that are implanted in the anal sphincter to minimize the involuntary opening of the anal canal. The system comes with a tool to size the implant and a tool to guide the implant and sizing tool into position.

Money in the round came from 17 anonymous sources, according to the filing. Torax Medical has not yet said how it plans to use funds raised in the round.

In April, Torax Medical said that the 1st U.S. implantation of its Fenix system was performed late last week. The procedure was carried out at Jacksonville, Fla.’s Mayo Clinic by Dr. Paul Pettit, the St. Paul, Minn.-based company said.

In January, Torax its Fenix system won FDA Humanitarian Device Exemption approval for treating fecal incontinence.

The FDA announced the device had been cleared for marketing in mid-December, with indications for treating fecal incontinence in patients who are not candidates for, or have failed with other options to treat the issue.

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