"AxioMed Spine Corporation restoring function to patients with degenerative spine disease."
Grant :
Reservoir Venture Partners II
AxioMed Spine Corporation, located in Cleveland, Ohio, was formed in 2001 to develop products for restoring native function to patients with degenerative spine disease; thus advancing the standard of care beyond fusion and first generation artificial discs. The company's Freedom? Lumbar Disc has been developed and clinical trials initiated. The company is headed by CEO, Patrick McBrayer, who joined AxioMed in early 2006. Mr. McBrayer along with founder and COO, James Kuras, lead an experienced management and development team with significant history and expertise in spinal implants, including early artificial disc development efforts. Company employment includes professionals with extensive spine and engineering experience. The team is augmented by a Medical Advisory Panel of surgeons from leading spine centers and universities. AxioMed's Technical Advisory Panel is comprised of renowned individuals with expertise in spine surgery, pathology, biomechanics and materials. The company's headquarters has adequate space to incorporate manufacturing development and testing, which will be scaled up in 2008. AxioMed will leverage its background in lumbar disc replacement with an ongoing development project for the cervical spine. The lumbar and cervical replacement disc markets are expected to exceed $1Billion by 2010.
The company is currently conducting human clinical trials in Europe for its exciting new technology and it employs 12 professionals at its Garfield Heights headquarters.
Reservoir Venture Partners and Early Stage Partners, two participants in the Ohio Department of Development's Seed and Early Stage Grant Program funded AxioMed Spine in early 2003. Since that time, AxioMed has secured over $24M in private equity financing from prestigious venture capitalists.
