Posted Feb. 27, 2017 at 2:13 p.m.

Durham's TrackX Technologies raises $4.6 million in equity

Published: 2017-02-27 14:13:24
Updated: 2017-02-27 14:13:24

Biotechnology

Durham-based biotechnology company TrackX Technology LLC reported it sold a $4.6 million equity stake in the company.

The portion of equity has 23 investors in total, and the company said it would use the proceeds for “working capital, which may include normal compensation to executive managers.”

According to the filing with the Securities and Exchange Commission, the date of first sale was Feb. 11, and all of the offered equity had been purchased by the time of the filing.

TrackX Technology doesn’t have a website, but according to a trademark filing the company produces software and hardware used for “generating and manipulating” images taken by medical devices.

The trademark registration was filed Aug. 10, 2016, for the word mark “TRACKX” under the category of computer and software and electrical and scientific products. The trademark was published for opposition on Jan. 3, 2017.

According to a job opening posted on Feb. 16, TrackX is working on a medical device to reduce radiation exposure during surgery. The company is searching for a software developer to enhance a desktop application which will run on specific hardware found in the operating room.

Neurological surgeries involving the brain and spine often utilize types of neurological imaging such as CAT scans, MRIs, PEGs and MEGs. These scans all rely on radiation, which can be harmful when the body is exposed to large amounts.

Listed on the filing under “related persons” as a director and promoter for the company is Robert Isaacs.

Isaacs is a neurological surgeon who practices in Durham at Duke University and Duke Regional Hospitals. According to Duke Health’s website, Isaacs’ research focuses on reducing post-surgical problems, which would align his interests and talents with the aims of TrackX Technology.

Some of his most frequently performed surgeries are lower-back spinal fusions and spinal decompressions. He is a director for the degenerative section of the Association for Collaborative Spine Research and has helped medical institutions collect clinical data on degenerative spinal diseases.

Isaacs received his medical degree from Baylor and completed his residency at Vanderbilt University.

Robert Bonczek is another person listed on the filing as a director. He has a history of venture capital pursuits in the drug and biotechnology industries.

According to Bloomberg News, he is a founder and the chief financial officer of b3 bio Inc., a Durham-based company that develops delivery systems for drug candidates, and has been a chief counsel for a number of companies including DuPont Regado Biosciences, Inc.

Bonczek has a BA and JD from the University of North Carolina at Chapel Hill, and an MBA from the Wharton School of Business at the University of Pennsylvania.

Note: This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

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