MALDEN, Mass.--(BUSINESS WIRE)--AxioMed closed an oversubscribed first round of funding from surgeons and high net worth individuals. Its second round for $10 million currently has pledges prior to the planned launch in October. "The momentum from the first round and strong interest for the second round secures AxioMed operations and allows it to aggressively pursue overseas sales in 2018," said AxioMed CFO Aditya Humad.
Tremendous excitement generated around the development of the AxioMed lateral viscoelastic disc replacement and multi-level cervical IDE propelled the company to quickly close its first round. AxioMed expects its first lateral disc to be used overseas and included in CE approval in Q1 2018. The company is eager to begin the multi-level cervical IDE in the U.S. and believes this could be an expedited cervical IDE approval, anticipating the AxioMed cervical disc to be available on the U.S. market in the near future.
“With the addition of the lateral lumbar technique and our multi-level cervical IDE, we expect AxioMed to be the worldwide leader in disc replacement spine surgery," said AxioMed CEO Dr. Kingsley R. Chin.
AxioMed is very excited about its position and timing in both the U.S. and OUS market. AxioMed's CBO & EVP of International Sales, Ken Yamada attested to the weight of this next step, stating, "Closing our first round in such a brief timeframe clearly demonstrates the confidence the market has -not only in our technology, but in our management team. We are getting multiple requests from our global partners for distribution and for our second round even before it opens, which confirms our market position and value."
AxioMed will have the first truly viscoelastic disc in the U.S. upon FDA clearance and the most advanced viscoelastic disc OUS at a time when DePuy-Synthes (ProDisc) and other companies are divesting from first generation ball-and-socket and mobile core discs. AxioMed President Jake Lubinski added, “The divesting of first generation disc technology is a sign that the competition is recognizing the potential of the AxioMed viscoelastic disc and the decision to fuse or not to fuse. We believe we’ll expand the market to direct-to-patient marketing because the patient voice is growing increasingly stronger, choosing natural viscoelastic motion over fusion and mobile core discs.”
Interested investors, http://axiomed.com/investors.html