Axis Spine Technologies Ltd (AST) has raised a further £1.06m in funding round

Nov 25, 2021 | Financial

Axis Spine Technologies Ltd has raised £1.06m in a funding round with follow-on investments from Mercia and ACF Investors, as well as a syndicate of angel investors.

Axis is developing the next generation of Anterior Spinal Implant technology.  Axis’s modular fusion devices are inserted with less force than conventional implants to help reduce the risks of structural damage to the vertebral bones which may lead to implant subsidence, which Axis believes is an under-reported and recognized complication.  The modular technology enables surgeons to achieve corrections not possible with other devices and thus aiding the re-balancing of the spine. This is done with fewer part numbers compared to conventional systems resulting in optimized health economics.

The Axis-ALIF is the company’s first implant system cleared by FDA for clinical use in The United States, and first surgeries have started involving some of  America’s most reputable spine surgeons.

Jon Arcos, Founder and CEO of Axis, comments: “We are now working with select surgeon thought leaders to demonstrate the benefits of the Axis-ALIF device.  This funding enables us to support its launch so to demonstrate in the clinical setting the benefits of modular implants ahead of the Series A funding round planned for mid-2022.  We thank all investors for their support during this exciting time for the company.”

About Axis Spine Technologies

Founded in 2017, Axis Spine Technologies is a UK based medical device company focused on advancing the treatment and correction options for surgeons performing anterior spinal surgery.  Axis’s proprietary platform technology of modular cages provides the most comprehensive spinal correction capabilities and is the first company to offer coronal correction capabilities.

Axis has developed products which address the key anterior surgical approaches; ALIF, OLIF and Lateral. The company has also created an advanced Retractor system to improve the safety and reproducibility of anterior surgery.  The first device to market, the Axis-ALIF was cleared by the FDA in May 2020 and the first surgery was completed in Atlanta, USA in November 2020.

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About Mercia Asset Management PLC:

Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations.  Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital: the Group’s ‘Complete Connected Capital’.  The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.

The Group has a strong UK footprint through its regional offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.£940million of assets under management and, since its IPO in December 2014, has invested c.£106million into its direct investment portfolio.

Mercia Asset Management PLC is quoted on AIM with the EPIC “MERC”.

About ACF Investors

Launched in 2011, ACF Investors (formerly the Angel CoFund) is a privately managed and commercially focused institution that works alongside groups of business angels to invest in high potential SMEs across the UK, directly providing funding as well as encouraging the expansion and development of the business angel market.

To date the ACF Investors has supported more than 100 companies (for example Ebury, Gousto, Creo Medical and Form3) providing more than £60 million in direct investment alongside more than £350m from business angels and other investors, making it one of the most active early-stage investors in the country.  ACF Investors is a long-term investor and, in aggregate, sets aside £1 of further capital for every £1 it invests. This model gives portfolio companies and co-investors the support they need to propel strong growth.

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