Tenon Medical closes $2.85 million PIPE financing

Tenon Medical Inc. (NASDAQ: TNON) completed its at-the-market private investment in public equity financing, raising gross proceeds of approximately $2.85 million.

The medical device company issued 2,217,904 shares of common stock along with an equal number of warrants at a combined price of $1.285 per share and warrant. The warrants carry an exercise price of $1.16 per share and expire three years from issuance. Both the shares and underlying warrant shares include resale registration rights.

Tenon plans to use the proceeds for working capital and general corporate purposes, including product launches, commercial operations expansion, clinical study advancement, and core business operations investment.

The company develops The Catamaran SI Joint Fusion System, which uses a single titanium implant for sacroiliac joint procedures. Tenon launched the system nationally in October 2022 and targets three market segments: primary SI joint procedures, revision procedures for failed implants, and spinal fusion augmentation.

The securities were sold without registration under the Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements.

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