The funding is expected to provide AxioMed with the ability to complete full enrollment of its IDE pivotal study in the US of the Freedom Lumbar Disc, achieve CE mark approval for its cervical disc and further expand sales of the Freedom Lumbar Disc in Europe while initiating sales of the cervical disc in Europe.

Patrick McBrayer, president and CEO of AxioMed, said: “We are fortunate to have supportive, high caliber investors and the opportunity to add new investors to form a consortium with the ability to fund our product development programs.

“This financing will allow AxioMed to achieve several significant product development and regulatory milestones for both our Freedom Lumbar Disc and new Freedom Cervical Disc, while continuing to advance our marketing efforts for the Freedom Lumbar Disc in Europe and other territories.”

Peter McNerney, partner at Thomas, McNerney & Partners and AxioMed Board member, said: “It is not an easy time to raise money and we are very pleased to be able to put together such a significant fund raising. It is a testament to AxioMed’s performance and promise that we were able to add new investors and gain further backing from existing investors to support the company’s development programs to such a level.”