AxioMed Spine brought in $5 million in a wrap-up of its Series D financing. It plans to use the cash to finish clinical studies of its spinal orthopedics devices in the U.S. and boost marketing efforts in Europe.
The Garfield, OH company said it raised the money from previous and new investors. It also comes on top of the previously announced $15 million Series D financing.
Launched in 2001, AxioMed is developing next-generation disc implants to treat degenerative spinal diseases. Armed with the new cash infusion, the company expects to finish its U.S. pivotal study for the Freedom lumbar disc. Additionally, AxioMed will pursue a similar U.S. approval path for its cervical disc, which just gained a CE mark in the European Union.
Longer term, AxioMed faces a number of large competitors in the spinal implant space, including Smith & Nephew ($SNN), Medtronic ($MDT), Zimmer ($ZMH) and others. The company touts its products as standing out, however, because they help preserve spinal function, going beyond standard treatments such as fusion and first-generation discs. Smaller device companies, such as AxioMed, often end up being acquisition targets, however, once they reach certain clinical milestones.
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