Baxano Surgical seeks bankruptcy protection
Posted on Wednesday, November 19th, 2014 at 6:01 pm
Chapter 11 bankruptcy was recently filed by Raleigh-based firm Baxano Surgical and is planning to alleviate its financial burden by a court-monitored auction, an article on Triangle Business Journal reported November 13.
Baxano CEO and President Ken Reali stated that filing for bankruptcy is the best option for the company and its stakeholders. The Raleigh-based company designs and sells surgical devices used in less invasive procedures to treat degenerative conditions of the spine. Baxano shares plummeted by more than 60 percent after the announcement. Due to the bankruptcy filing Baxano will now need court approval before they can sell their products.
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