Baxano Surgical (NASDAQ:BAXS) has reached two deals that together provide the medical device company up to $22 million in financing to grow its spinal products business.

Baxano on Tuesday secured a line of credit of up to $15 million from Hercules Technology Growth Capital, a specialty finance company that focuses on lending to venture-capital backed companies at all stages in development working in technology, life sciences, energy and renewables. Baxano has also lined up $7 million in financing through a private placement of stock with Lincoln Park Capital Fund.

Raleigh-based Baxano focuses on minimally invasive products to treat degenerative spinal conditions of the lumbar region. The company plans to use the money to grow but it didn’t outline any specific plans.

“We expect to use the net proceeds from this offering for general corporate purposes and working capital requirements,” the company said in its prospectus. “Our management will have broad discretion to allocate the net proceeds from this offering.”

The credit facility will mature in either 38 months or 41 months, depending on when Baxano hits certain revenue targets. Baxano can receive three separate advances of $7.5 million,$ 2.5 million and $5.0 million. The first advance is available upon the closing of the agreement; the second and third depend on Baxano’s ability to hit revenue targets for the company’s fourth quarter of fiscal 2013 and the first quarter of fiscal 2014.

The $7.0 million from the stock purchase agreement with Lincoln Park is a maximum amount. The actual amount that Baxano will realize from selling the stock to Lincoln Park could vary, depending on the price of Baxano stock when it is purchased. The purchase agreement covers three years. Lincoln Park does not face any upper limits on the price at which it is obligated to purchase Baxano’s common stock but the company can’t sell the stock to Lincoln below a floor price of $1.00.

Baxano shares closed Tuesday at $1.18, up 14 cents from Monday’s closing price.