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.
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.