A British start-up firm has secured a major investment boost as they move towards scale-up in a sector worth billions.
Healthcare firm Axis Spine received £830,000 from Mercia Asset Management and two other investors.
The start-up is helping to develop the next generation of anterior spinal implant technology.
The funding round was signed-off despite the coronavirus pandemic which has left many start-ups fearful about survival.
Founder Jonathan Arcos comments: “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, who helped secure the funding adds: “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.”
Mr Arcos’ said the lucrative US healthcare market would be the initial area his firm would be focusing on.
He comments: “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”.
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.