With the help of Thomas, McNerney & Partners, Ohio-based AxioMed Spine Corporation has raised $14.5 million in two tranches from both current and new investors. AxioMed is developing treatments for degenerative spine diseases. The funding will provide AxioMed with the ability to complete full enrollment of its pivotal study 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.
"This financing will allow AxioMed to achieve several significant product development and regulatory milestones for both our Freedom Lumbar Disc and new Freedom Cervical Disc, while continuing to advance our marketing efforts for the Freedom Lumbar Disc in Europe and other territories," explains CEO Patrick McBrayer in a statement.
- here's AxioMed's release for more
ALSO: Seattle-based Integrated Diagnostics has landed $10 million in a second tranche of Series A funding. The company had landed $30 million in September 2009. The funds will be used to advance the development, validation and commercialization of its blood-based proteomic diagnostics programs. The company says the second tranche was triggered by the progress it has made developing its diagnostics platform. Release
PLUS: Ambicare has raised £1.7 million to produce a light-emitting sticking plaster for the treatment of skin cancers. Report