Another artificial disc

[Harrison]

It's getting difficult to keep up with all the new spinal devices being introduced, if not impossible. Any way, here's another...

AxioMed Spine Corporation Secures $18 Million in Series B Financing

BEACHWOOD, Ohio--(BUSINESS WIRE)--Feb. 23, 2005--AxioMed Spine Corporation, a developer of next-generation artificial spinal discs, today announced that it has secured $18 million in Series B financing from a group of leading investors. Thomas, McNerney & Partners led the round, joined by Investor Growth Capital and returning investor Primus Venture Partners. All of AxioMed's other Series A venture capital investors participated: CID Equity Partners, Early Stage Partners, MB Venture Partners, and Reservoir Venture Partners. Medical Venture Fund also joined as a new investor.


AxioMed has developed the Freedom(TM) Lumbar Disc, a next-generation artificial spinal disc characterized by innovative design and materials. By providing physiologic motion and replicating key biomechanical properties, the Freedom(TM) is designed to closely mimic the native function of a human disc. Clinical trials are scheduled to begin this year as a treatment for degenerative disc disease. Spinal implants represent the fastest growing segment of the orthopedic market, and it is widely anticipated that sales of artificial disc replacements will exceed $1 billion in the next five years.

David Floyd, President and CEO of AxioMed said, "We are very pleased to close on such a substantial round of capital. The interest from strong and experienced new investors, along with enthusiastic participation from all of our existing venture partners is very gratifying and a significant validation of our technology, team, and business plan."

Pete McNerney, Managing Partner at Thomas, McNerney & Partners, said "We are excited about AxioMed's next generation technology and look forward to working with the team to create a successful company. Degenerative disc disease is a serious problem without a complete solution; we think AxioMed holds the key."

About AxioMed

AxioMed Spine Corporation is a private, venture-backed company developing innovative spinal products in collaboration with leading surgeons and scientists. Founder James Kuras, AxioMed Senior Vice President and Chief Technology Officer, started the Beachwood, Ohio company in 2002 with the vision of advancing the standard of care for patients with degenerative spinal disease.

Contacts

AxioMed Spine Corp.
David Floyd, 216-292-9691
Fax: 216-292-9698
dfloyd@axiomed.com