A UK company, which is developing the next generation of spinal implants, has raised GBP830,000 in a funding round led by asset manager Mercia, to launch trials of its product in the US. Axis Spine has spent three years developing its technology, which could improve the success of spinal surgery and help people in chronic pain. It expects to secure clearance from the US Food and Drug Administration (FDA) next month.
The latest funding, which comes from Mercia’s enterprise investment scheme (EIS) funds and two private investors, and has been completed in the midst of the lockdown, will allow it to start early commercialisation and gain entry into the GBP7 billion US spinal implant market. More than 300,000 procedures involving anterior spinal implants take place each year in the US.
Peter Dines, COO of Mercia, says: “We are proud to have co-founded Axis Spine with Jon Arcos and delighted to have served on the board and support the business with capital since inception. 2020 is an important year for the company with FDA approval in the US market and first implantations expected later this year when elective surgery for back pain resumes.”
The investment was completed after the lockdown began. Jonathan Arcos, CEO of Axis Spine, comments: “The current trading environment is, of course, very challenging, but this investment will take us to the next level. We are delighted to have the funds in place to bring our first product onto the market. In the long-run we’d like to bring the product to the NHS as we believe it can help transform the lives of the hundreds of thousands of people who suffer from debilitating back pain.”
Stephen Evans from Harper James Solicitors, who helped secure the funding, adds: “This proves that investors are still out there and looking to sign off on deals.”
