Axis Spine Technologies Ltd., a spinal implant manufacturer, has closed a successful $12.5 million Series A financing round.
Existing investor Mercia Asset Management PLC, a United Kingdom-based special asset manager, led the funding round. Other participants included MedTex Ventures LLC, a U.S.-based venture capital firm, and private investors.
Axis Spine is going to use the funding to bring its implants to new hospitals, expand its product portfolio, and, according to the company, “position itself as a leader in anterior lumbar surgery.” Axis Spine has designed its modular implants to address cage subsidence. According to the company, its technology promises to “reduce post-operative spinal segment collapse” and “improve spinal alignment in patients suffering chronic back pain and spinal deformity.”
Jon Arcos, Axis Spine CEO and founder, told OTW, “These are exciting times for Axis as we have completed our Series-A investment round, which will fuel our 24-month plan. This will be a focused launch of Axis-ALIF, including clinical data generation to prove modular technology improves patient outcomes, as well as completion of our portfolio development.”
Axis Spine is based in the United Kingdom and has a subsidiary in the United States. In 2020 it was granted FDA 510(k) clearance for its first implant, the Axis-ALIF. The Axis-ALIF is a modular interbody fusion device for anterior lumbar interbody fusion. The device has been clinically introduced in select U.S.-based spine centers. For OTW’s initial coverage, see Axis Spine’s Modular Interbody Device Cleared.
In the press release, Mercia Chief Executive Officer Mark Payton commented, “Axis Spine is a business we have been excited about for some time, actively supporting it from a start-up within our managed funds and, with the business reaching its next stage of maturity, we are pleased to make it our latest direct balance sheet investment.”
Payton continued, “The innovative patented technology behind its lead device has significant benefits over incumbents, with differentiated FDA clearance now received, the team is well placed to move towards broader commercialization in the US. It’s a great example of the specialist sector and technological expertise that exists in the UK’s regions, and we look forward to supporting the team as they scale a unique product.”
