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Friday, 11 May 2012 08:32

Axonia Medical secures $2 million in seed financing

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KALAMAZOO – A West Michigan-based life sciences company with Pennsylvania roots has secured $2.0 million in seed financing.

Axonia Medical, an early stage company investigating new treatments for nervous system damage, on Thursday closed on the financing deal, which was led by Southwest Michigan First Life Science Venture Fund and included participation from Ann Arbor SPARK and Western Michigan University’s Research Foundation at the Biosciences Research and Commercialization Center.

“The company has a number of the features we look for in an early-stage entity, including a talented and innovative team, world- class technology, an established intellectual property position and large market opportunity,” Patrick Morand, managing director of the Southwest Michigan First Life Science Venture Fund, said in a statement. “We look forward to working closely with the company and helping Axonia Medical reach its potential and build a world-class business.”

According to a statement from Axonia, the company said it would use the seed funding to accelerate product development of its lead product, which serves “areas of significant unmet medical need due to the ineffectiveness and limited utility of current standards of care.” The product treats peripheral nerve injuries stemming from traumatic injury and tumor resection.

“The seed financing represents a significant milestone and thrilling time for our company,” stated co-founder and President and CEO Harry Ledebur, formerly the executive in residence at the Southwest Michigan First Life Science Venture Fund. “We believe our technology to be truly disruptive, a platform capable of transforming medical care for those unfortunate enough to suffer from a debilitating injury to their nervous system. This seed capital represents our opportunity to clearly demonstrate the far-reaching potential of our technology in large animal models while positioning our products for human clinical testing.”

The company is leveraging the research of scientific founder Douglas H. Smith at the University of Pennsylvania that could lead to products that “bridge lost nervous tissue and jump-start regenerative mechanisms to achieve levels of functional recovery not possible with current technologies.”

Read 1258 times Last modified on Thursday, 02 August 2012 20:23

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