The money was raised in the form of equity from three investors.
Piedmont Stone Center, which has offices in Virginia and North Carolina, uses the mobile lithotripter to provide non-surgical treatment using Extracorporal Shock Wave Lithotripsy to target kidney stones in their patients.
Lithotripsy is an alternative to surgical kidney stone removal which lasts 30 to 90 minutes and has a recovery time of one to three days.
In the United States, about five million people currently suffer from kidney stones, according to the company website.
The company has been led by Charles Hauser, chief executive officer, since 1997.
Hauser received his BA in chemistry from the UNC-Chapel Hill and his MBA from UNC-Greensboro.
He served as the director of personnel at Forsyth County Hospital Authority, Inc. from 1975 to 1978. He served as the president of Piedmont Medical Research Associates Inc., which he co-founded, from 1980 to 2006.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must first file what’s known as a Form D electronically with the SEC after they first sell their securities.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism