Axis Spine Technologies – a UK company developing next-generation spinal implants – has raised a further £10.8m in a funding round led by existing investor Mercia Asset Management plc, alongside US-based MedTex Ventures and private investors.
The funding, which follows the successful release of its first product in the US, will enable the company to expand to new hospitals, broaden its product portfolio and position itself as a leader in anterior lumbar surgery.
Axis Spine Technologies, which is based in St Albans with an office in Memphis, is a Med Tech business delivering spinal implants. Axis has a highly differentiated platform of modular implants designed to address the increasingly recognised and unmet clinical need of cage subsidence. This technology promises to not only reduce post operative spinal segment collapse but also improve spinal alignment in patients suffering chronic back pain and spinal deformity.
Insertion of Axis proprietary modular cages requires much less force than conventional implants, are slimmer and have a wide footprint, thereby reducing the risk of damage to vertebral segment endplates and thus the loss of alignment that impacts one in three patients.
Axis has received FDA clearance in the US and its first implant system is actively used in a number of locations, with 15 patients successfully treated with the technology in the US. The company was founded by Jon Arcos, who has more than 25 years’ experience in the field of spinal implants. Mercia first invested in the company in 2017.
Mark Payton, Chief Executive Officer of Mercia, commented:
“Axis Spine is a business we have been excited about for some time, actively supporting it from a start-up within our managed funds and, with the business reaching its next stage of maturity, we are pleased to make it our latest direct balance sheet investment.
“The innovative patented technology behind its lead device has significant benefits over incumbents, with differentiated FDA clearance now received, the team is well placed to move towards broader commercialisation in the US. It’s a great example of the specialist sector and technological expertise that exists in the UK’s regions, and we look forward to supporting the team as they scale a unique product.”
Axis Spine Technologies CEO Jon Arcos commented: “We are grateful for the support of existing investors and welcome new investor MedTex Ventures. Axis has a real opportunity to help surgeons create and maintain superior spinal alignment and in doing so, improve patient outcomes. This round of funding will allow us to scale up as well as complete and launch further innovative developments to advance spinal care”.