Raleigh, N.C.-based surgical device developer Baxano Surgical filed for chapter 11 protection and will sell its product lines through a court-supervised auction process, the Triangle Business Journal reported today. Founded in 2000, Baxano designs and markets minimally invasive products to treat degenerative conditions of the spine affecting the lumbar region. Any sale of Baxano Surgical's products in connection with the bankruptcy case will be subject to bankruptcy court approval, and could be subject to antitrust approval.
Stevens & Lee. P.C. is serving as legal advisors, Houlihan Lokey is serving as investment banker and Tamarack Associates is serving as restructuring advisor to Baxano Surgical.
