Press Releases
Axial Biotech Announces $4.1 Million Series A Financing
SALT LAKE CITY, UTAH, (March 1, 2005) — Axial Biotech announced today that it has completed its Series A round of financing, which raised $4.1 million. Axial is an innovative spine company developing genetic diagnostic and prognostic tests and minimally invasive, motion-preserving devices to advance the diagnosis and treatment of diseases and deformities of the human spine. The funding round was led by vSpring Capital with the participation of Medtronic Sofamor Danek, headquartered in Memphis, Tenn., and Ohio Biotech Group, LLC. The funds will be used to accelerate Axial Biotech's ongoing product development efforts, which are initially focused on improving the diagnosis and treatment of idiopathic scoliosis.
"We believe we have put together the ideal group of investors for our company," says John Climaco, Esq., CEO of Axial Biotech. "The combination of venture capital, corporate investment and backing by select individual investors, all of whom are recognized as industry leaders and experts, is a testimony to the value and potential of our business model and technology. This investment will enable Axial Biotech to significantly accelerate the development of its first products." Dinesh Patel, Ph.D., Managing Director of vSpring Capital, notes: "It is rare to find a team with such focused domain expertise and such important and proprietary technology. Additionally, our investment in Axial Biotech demonstrates our belief that Utah is an ideal genetic laboratory with the unique assets critical to the rapid characterization of the molecular foundation of common spinal disorders. We are thrilled to be partners in this cutting-edge venture."
Michael DeMane, Medtronic senior vice president and president of Spinal, ENT and Navigation for Medtronic Sofamor Danek said, "We are pleased to have the opportunity to be involved with Axial Biotech in its efforts in gene discovery. Medtronic Sofamor Danek would like nothing more than to help discover the genetic cause of scoliosis and ultimately help wipe the condition away from the universe of major medical challenges."
Dr. David S. Bradford, past President of the Scoliosis Research Society and a member of Ohio Biotech Group, LLC, said, "The Axial Biotech team has already made significant progress towards the discovery of a location in the human genome associated with adolescent idiopathic scoliosis. The ability to diagnose spinal disorders before a patient begins to show symptoms would represent a paradigm-shift in spine care and Axial Biotech has put this shift within reach."
"In my 30-year career as an orthopaedic surgeon, I have personally helped over 3,000 patients by performing spine fusions," notes Dr. James W. Ogilvie, past President of the Scoliosis Research Society and a co-founder of Axial Biotech. "By developing gene-based products and minimally-invasive devices, Axial Biotech will help millions."
About Axial Biotech
Founded in 2002 by a group of internationally recognized spine surgeons and geneticists, Axial Biotech is the first company to pursue DNA-based pre-symptomatic and prognostic tests for common spinal disorders. Axial is also developing a range of minimally invasive devices for spine surgery. Axial is located in Salt Lake City, Utah.
About vSpring Capital
vSpring is an early-stage venture capital fund focusing on investment opportunities in information technology and life sciences. vSpring capitalizes on the managerial skills and operating experience of its principals to successfully invest in and mentor early stage companies. vSpring has offices in Salt Lake City, Utah and Los Alamos, New Mexico.
About Medtronic Sofamor Danek
Medtronic Inc., headquartered in Minneapolis, is the world's leading medical technology company, providing lifelong solutions for people with chronic disease. Medtronic Sofamor Danek, the company's Spinal business, is the global leader in today's spine market and is committed to advancing the treatment of spinal disorders.
About Ohio Biotech Group, LLC
Ohio Biotech Group, LLC is group of angel investors that includes some of the leading spine surgeons in the United States.
Media Contact:
Eric K. Olson
Executive Vice President Sales and Marketing
Axial Biotech, Inc.
801-984-9100 ext. 129
eolson@axialbiotech.com
