Axis Spine Technologies has raised a further £10.8 million in funding which the firm says will enable it to expand to new hospitals, broaden its product portfolio and position itself as a leader in anterior lumbar surgery.
The funding round, which follows the successful release of its first product in the USA, was led by existing investor Mercia Asset Management, alongside MedTex Ventures and private investors.
Axis say they have a highly differentiated platform of modular implants designed to address the increasingly recognised and unmet clinical need of cage subsidence. This technology promises to not only reduce postoperative spinal segment collapse but also improve spinal alignment in patients suffering chronic back pain and spinal deformity, the company add.
According to the firm, insertion of their proprietary modular cages requires much less force than conventional implants, are slimmer and have a wide footprint, thereby reducing the risk of damage to vertebral segment endplates and thus the loss of alignment that impacts one in three patients.
Axis CEO, Jon Arcos, said: “We are grateful for the support of existing investors and welcome new investor MedTex Ventures. Axis has a real opportunity to help surgeons create and maintain superior spinal alignment and in doing so, improve patient outcomes. This round of funding will allow us to scale up as well as complete and launch further innovative developments to advance spinal care.”
Mark Payton, chief executive officer of Mercia Asset Management, added: “Axis Spine is a business we have been excited about for some time, actively supporting it from a startup 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.
“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 commercialisation in the USA. 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.”