AxioMed closed its first round of funding, with its anticipated second round already securing $10 million in pledges.
Here are four highlights:
1. AxioMed closed its oversubscribed first round quickly following great interest in its lateral viscoelastic disc replacement and multi-level cervical investigational device exemption trial.
2. The company anticipates a CE approval of its first lateral disc in the first quarter of 2018.
3. AxioMed plans to start the IDE trial in the U.S. soon, and hopes for an accelerated cervical IDE approval.
4. The company reports it will have the first true viscoelastic disc on the market in the U.S., pending FDA clearance.
"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," said Ken Yamada, AxioMed's chief brand officer and executive vice president of international sales.