Fresh off receiving the CE Mark for its cervical spinal disc replacement device, AxioMed Spine has added $5 million to its series D round of investment.
The latest funding tranche brings Cleveland-area AxioMed’s series D round to $20 million, chief financial officer Jerry Baty said.
European regulatory approval for AxioMed’s cervical disc complements the CE Mark for another product, a lumbar disc replacement, which the company received in 2009.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
AxioMed has been selling the lumbar disc in Germany, Switzerland and the United Kingdom.
Now, AxioMed turns its attention toward obtaining U.S. regulatory approval for its disc replacement devices. The company is conducting a pivotal clinical study of the lumbar disc and hopes to obtain regulatory approval in 2014.
“Our goal is to get U.S. regulatory approval on both products as soon as possible,” Baty said.
AxioMed’s lead investors are Thomas, McNerney & Partners and Investor Growth Capital Limited, Baty said. Other investors include: CID Capital, Early Stage Partners, Primus Capital, MB Ventures Partners and Reservoir Venture Partners.
AxioMed describes its spinal discs as being viscoelastic (possessing both viscous and elastic properties) and it features a core made of polymer.
