Sanara MedTech Inc. raised $10 million in cash proceeds from a private placement offering of its common shares.

The Fort Worth, Texas-based company, which develops, markets and distributes biotechnology products to physicians, hospitals and clinics, sold 1,204,820 common shares in the private placement at $8.30 apiece.

The healthcare supplies company plans to use the proceeds to fund milestone payments and repay debt. Additionally, the amount raised will be used for operating expenditures, clinical studies and expansion of Sanara's sales force.