$14.5m takes AxioMed's spinal disc tech through US and EU hurdles
• By Tina Tan
AxioMed Spine has raised $14.5m in a two-tranche financing round. The Garfield Heights, Ohio firm said the funds will enable it to clear a number of clinical, regulatory and commercialisation hurdles. These include expanding sales of its Freedom lumbar disc replacement system in Europe while completing enrolment of a pivotal study of the device in the US, carried out under an investigational device exemption. The financing will also allow AxioMed to obtain CE marking approval for its cervical disc and initiate European sales of the product. The company's Freedom technology platform focuses on products that will restore the natural function of the spine, eliminating the need for spinal fusion.
AxioMed Spine has raised $14.5m in a two-tranche financing round. The Garfield Heights, Ohio firm said the funds will enable it to clear a number of clinical, regulatory and commercialisation hurdles. These include expanding sales of its Freedom lumbar disc replacement system in Europe while completing enrolment of a pivotal study of the device in the US, carried out under an investigational device exemption. The financing will also allow AxioMed to obtain CE marking approval for its cervical disc and initiate European sales of the product. The company's Freedom technology platform focuses on products that will restore the natural function of the spine, eliminating the need for spinal fusion.
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