Spine device company AxioMed completed production on the initial 60 cervical discs for implantation at a new Boston-based facility.
Here are four things to know:
1. AxioMed, founded to advance spine technology beyond fusion and first-generation artificial discs, developed a new disc and previously completed its first U.S. investigational device exemption study for the lumbar disc with more than five years of clinical follow-up. Now, the company has produced 60 cervical discs.
2. In addition to producing the cervical discs, AxioMed is raising growth capital to ramp up demand for orders already placed as well as secure additional inventory to immediately expand market share.
3. The raised capital is targeted to qualified private investors with a minimum of $50,000 per investor.
4. AxioMed's parent company, KICVentures, a private investment company founded by Kingsley R. Chin, MD, aims to bring on "grass roots" investors and encourage more participation.