AxioMed, an orthopedic product manufacturer based in Ohio, announced that it had successfully raised $3.6 million in its latest financing round. Funds come from a combination of new and current investors.
According to a press release from the company, AxioMed’s medical devices are designed to improve spine function in the treatment of degenerative spine diseases. One of the company’s products, the Freedom lumbar and cervical disc replacement, has received CE Mark clearance in the E.U. However, the company is still pursuing regulatory approval in the United States.
In 2010, a Series D financing round yielded $14.5 million for the company. Funds from the Series D round were used to fund a clinical trial of its Freedom disc replacement system. In 2007, the company received a $750,000 loan for expansion of its manufacturing floor. The Innovation Ohio Loan came from the Ohio Third Frontier Project, an organization that spurs economic growth through innovation.