A Medical Device Daily

AxioMed Spine (Garfield Heights, Ohio) said it has completed the first part of its third financing round, raising $6.4 million from venture capital firms, which were not named.

The company, which is developing next-generation spinal disc replacements, said it is working toward a Series C round of $18.5 million.

AxioMed said it would use the funds to continue developing its Freedom lumbar and cervical disc replacements. The company also said it plans to use the money to expand its operations by adding to a headquarters workforce of 15 people, once the fundraising round is complete.

In May the company won CE-mark approval for its Freedom Lumbar Disc, an elastomeric total spinal disc replacement device (Medical Device Daily, May 21, 2009).

The disc replacement device is designed to restore function of the spine and reduce pain and disability.