Struggling medical device maker Baxano Surgical Inc. has raised about $1.4 million for working capital from a private placement.

Raleigh, North Carolina-based Baxano designs, develops and markets minimally invasive products to treat degenerative conditions of the spine that affect the lumbar region. The company's customers are mainly surgeons. The company markets AxiaLIF, VEO, iO-Flex, iO-Tome, Avance, Vector and Bi-Ostetic branded products.

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