, a Cleveland, OH-based company that develops products for restoring spinal function to patients with degenerative spine disease, received $500,000 from the State of Ohio.
The company will use the funds to manufacture and launch its second product, an artificial cervical spine disc.
AxioMed Spine hopes to obtain the CE Mark to commercialize its cervical spine disc later this year.The Freedom® Lumbar Disc has been developed and clinical trials initiated. In 2009, the company received the CE Mark for its first product, a lumbar, or lower spine, disc replacement.
AxioMed Spine has raised $56m in financing to date. Investors include Siemens Venture Capital GmbH, Aisling Capital, Fidelity Biosciences, Kearny Venture Partners and OrbiMed Advisors.
The company is headed by CEO Patrick McBrayer, who joined AxioMed in early 2006.
Related News: AxioMed Spine Corporation Raises $14.5M