Funding boost for spinal implant tech firm
A Birmingham law firm has helped a start-up company which develops spinal implant technology to secure a major investment boost.
Harper James Solicitors worked with healthcare company Axis Spine to assist them in securing £830,000 in new funding.
The boost will help Hertfordshire-based Axis Spine to scale-up in a sector worth billions.
Founder Jonathan Arcos said: “The current trading environment is of course very challenging but this investment will take us to the next level.
“Thankfully we were at quite an advanced stage when the lockdown measures were first brought in and are delighted to have the funds in place to bring our first product onto the market.”
Stephen Evans, from Harper James Solicitors, whose office is in Cavendish House on Waterloo Street helped to secure the funding.
He said: “This proves that investors are still out there and looking to sign off on deals. The investment will help Axis Spine to launch a trial of the product in America which we’d hope to see happen quickly after the ban there on elective surgery is lifted.”
Arcos said the lucrative US healthcare market would be the initial area his firm would be focusing on.
He said: “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 debilitating back pain.”
Axis Spine aim to provide surgeons with implant technology which improve the success of spinal surgery and the lives of those in chronic pain. They have spent the past three years developing a range of implants. The company expect to secure clearance from the US Food and Drug Administration (FDA) next month. The spinal implant market is worth more than £7bn in the US alone.
More than 300,000 procedures take place there every year involving the use of products like those being developed by Axis Spine.