Axiomed Spine Closes $14.5 Million Series D

Axiomed Spine Closes $14.5 Million Series D

07/22/2010

Garfield Heights, OH--AxioMed® Spine Corporation (www.axiomed.com) announced today that it has raised $14.5 million in two tranches from both current and new investors. The funding will provide AxioMed with the ability to complete full enrollment of its IDE pivotal study in the US of the Freedom® Lumbar Disc, achieve CE Mark approval for its cervical disc and further expand sales of the Freedom® Lumbar Disc in Europe while initiating sales of the cervical disc in Europe.

Axiomed is a spinal orthopedics company focused on the development of products designed to restore spinal function in patients with degenerative spine disease by advancing the standard of care beyond fusion and first generation disc replacement. The Company's first product, the Freedom® Lumbar Disc, is on the market in Europe and the focus of a pivotal trial in the U.S. 

Patrick McBrayer, Axiomed President and CEO, said, "We are fortunate to have supportive, high caliber investors and the opportunity to add new investors to form a consortium with the ability to fund our product development programs. This financing will allow Axiomed to achieve several significant product development and regulatory milestones for both our Freedom®Lumbar Disc and our new Freedom® Cervical Disc, while continuing to advance our marketing efforts for the Freedom Lumbar disc overseas."

Peter McNerney, partner at Thomas, McNerney & Partners and Axiomed Board member, said "In view of the relatively few venture capital deals being done lately, coupled with the even more difficult spine market, we are very pleased to be able to coordinate such a significant fund raising. It is a testament to Axiomed's performance and promise that we were able to add new investors and gain further backing from existing investors to support the company's development programs to such a level." Read more...

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