AxioMed Spine Further Funded by Ohio Loan–CORRECTED

AxioMed Spine, which manufactures artificial disc replacements for medical patients, received $500,000 in the form of a loan from the state of Ohio to continue developing an artificial cervical spine disc. The company has raised $56 million to date from investors including Siemens Venture Capital GmbH, Aisling Capital, Fidelity Biosciences, Kearny Venture Partners and OrbiMed Advisors.

PRESS RELEASE:
Cleveland-based AxioMed Spine just received $500,000 the state of Ohio to help manufacture and launch the company’s second product, an artificial cervical spine disc. The company has raised $56 million in financing to date.

AxioMed’s growth continues to be robust. The company hopes to obtain the CE Mark to commercialize its cervical spine disc later this year. In 2009, AxioMed received the CE Mark for its first product, a lumbar, or lower spine, disc replacement.

Also, Cleveland-based View Ray received federal regulatory clearance to begin commercializing its MRI-based technology to deliver radiation therapy to cancer patients. ViewRay says its technology helps doctors see exactly where radiation is being delivered to a cancer patient’s body, unlike existing technology, which doesn’t account for the movement of internal organs. That movement can cause radiation to be delivered to healthy issue, leading to harmful side effects. The company’s technology aims to solve that problem by providing continuous soft-tissue imaging for more accurate delivery of radiation therapy.

The 510(k) clearance is a big milestone for the company as it looks to begin generating sales — and returns for the investors who’ve pushed $53 million into ViewRay. In August, the company announced that it had raised a $20 million Series C round of investment, which was led by new investor Siemens Venture Capital GmbH and joined by existing investors Aisling Capital, Fidelity Biosciences, Kearny Venture Partners and OrbiMed Advisors.