Axis Spine Technologies – which is helping to develop the next generation of spinal implant technology – received £830,000 from investors Mercia Asset Management. The funding round was signed off despite the coronavirus pandemic, which has left many start-ups fearful about survival.
Axis founder Jonathan Arcos said: ‘The current trading environment is very challenging, but this investment will help take us to the next level. Thankfully we were at quite an advanced stage when the lockdown measures were first brought in. We are delighted to get it over the line.’
Jonathan paid tribute to the work of Stephen Evans, the corporate solicitor who he worked with at Harper James to get the deal over the line. ‘Stephen was brilliant to do business with and was with us every step of the way of the deal supporting us and providing us with the advice we required.’
The deal underlines the fact investors are still willing to put their money into start-ups. Recent media reports have highlighted how many start-ups are currently struggling and there are growing fears that investors may slow the pace of deals being offered.
The experience of Axis Spine Technologies has been different, as Jonathan went on to say: ‘Our deal proves investors are still out there and looking to sign off. The investment will help Axis Spine to launch a trial of the product in America, which we hope to see happen quickly, after the ban on elective surgery there is lifted.’
The lucrative US healthcare market would be the initial area his firm would be focusing on. He added: ‘In the long run, we’d like to bring the product to the NHS as we believe it can help transform the lives of the hundreds of thousands of people who suffer from back and spinal conditions.’
Axis Spine Technologies aim to provide surgeons with implant products which improve the success of spinal surgery. They have spent the past six years developing a range of implants. The company expect to secure a licence from the US Food and Drug Administration next month. The spinal implant market is worth £4.5bn in the US alone. More than 300,000 procedures take place there every year involving the use of spinal implants.