Spinal implant developer AxioMed Spine Corp. has raised another $5 million in equity financing from existing and new investors, closing a $20 million Series D financing round, the company announced Tuesday.AxioMed in 2009 received the CE Mark for its Freedom Lumbar Disc, a similar product designed to replace discs in the lower spine.The Garfield Heights company said last week that it had received CE Mark approval to begin selling its Freedom Cervical Disc in the European Union. The product is designed to replace discs in the upper portion of the spine.
The company is working to get the products approved in the United States as well. AxioMed is conducting an Investigational Device Exemption study on its lumbar disc and plans to follow a similar path to get its cervical disc approved.
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