North Carolina-based lithotripsy company has raised over $500,000 in equity, according to a filing with the Securities and Exchange Commission.

Piedmont Stone Center PLLC filed a Form D signed by Charles Hauser, Judy Chun, Stephen Dahlstedt, Robert Bertram, Lawrence Eskew, Ernest McPhail, George Newsome, Phillip Marks, Bradley Stoneking and Christopher Stands on Jan 10.

Piedmont Stone Center has medical facilities in North Carolina and Virginia. It uses a mobile lithotripter through extracorporal shock wave lithotripsy to provide treatment for kidney stones as an alternative to surgical treatment.

According to the company website, over 5 million Americans have kidney stones.

The full $573,600 has been raised by four investors. The initial capital contribution was $28,680 with the balance payable in mandatory annual capital contributions through Jan. 1, 2021.

None of the money will go toward executive salary, and the offering is not being made in conjunction with a business combination transaction.

The minimum investment accepted from any outside investor is $143,400.

The company claimed a Rule 506 (b) exemption for the filing. Companies relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

The company also claimed a Rule 504 (b) exemption for the filing. This rule provides exception of the requirements for registration with the SEC when a company offers or sells up to $1 million in a one year period.

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