Typical spinal fusion recovery is often painful, prolonged, and not always successful. The cause of slow or sometimes failed recovery is often due to a restriction of oxygen and other nutrients to vital areas during the healing process. Harvesting materials from other parts of the body and re-operation are often necessary.
TheraCell’s innovative technology addresses this problem, which is unsolved by other commercial products on the market. When positioned around a surgical spinal wound, its patented materials boost the oxygen levels of regrowing bone to assist in faster and less painful recovery.
Currently, TheraCell plans to run preclinical studies for FDA approval. To get through the approval process, TheraCell needed to raise over $1M, an endeavor that they took on with FlashFunders.
TheraCell successfully raised over $1.7M on FlashFunders in 90 days, nearly twice their original goal.TheraCell CEO Bradley Patt said, “FlashFunders allowed us to effectively target our ideal investor community, spinal surgeons, in a very efficient and cost-effective manner. By combining FlashFunders platform with our previously-established investor base, we were able to produce an outcome that far exceeded our expectations.”
Prior to fundraising on FlashFunders, TheraCell had also targeted spinal surgeons as investors, but the process of executing investments was clunky, requiring offline documentation and lots of back and forth emails to explain compliance and funding procedures. FlashFunders enabled TheraCell to streamline their whole deal online and convert their investors efficiently. “Having a central location for all our information made it a lot easier for our potential investors to do their diligence and ultimately transact their investments, taking a lot of work and responsibility out of TheraCell’s hands. Additionally, we utilized FlashFunders’ free investment documents and forms, which saved us a significant amount in legal fees,” Patt said.
TheraCell also took advantage of fundraising small checks from up to 99 investors via FlashFunders new FlashFund SPV funding structure. By accepting multiple small check investments, TheraCell was able diversify their investor portfolio and extend their outreach to investors otherwise unable to write checksgreater than $25K.
Patt also spoke highly of the FlashFunders team who “simplified and streamlined the fundraising process. They were always accessible and attentive to our team. Their team worked alongside ours to organize and execute our investor outreach, and they were always available to help get interested investors across the finish line.”