Axya Medical Inc. Announces Completion of $6.8 Million Financing.BEVERLY, Mass. -- Axya Medical, Inc., a privately held medical device firm, announced today that it has completed a $6.8 million private placement of preferred equity led by The Vertical Group of Summit, New Jersey. The Vertical Group is a venture capital firm that is focused on the fields of medical technology and biotechnology. In addition to the The Vertical Group, other venture capital investors participating in this round are CrossBow Ventures, Sightline sight·line also sight line n. A line of sight, especially one between a spectator and the spectacle in a theater or stadium. Partners, and Prism Venture Partners. Paul Fenton, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. reported "This financing will support the expansion of our sales and marketing organization, along with signing on of new distributors to fill out territories throughout the US. The funding will also be used for new products being developed for the Axya Shoulder Fixation System for use in arthroscopic shoulder procedures." Axya has developed an innovative method of utilizing ultrasonic energy to weld polymeric materials used in surgical procedures. Its products have been designed to ultrasonically weld sutures thereby eliminating knot tying by the surgeon, a time consuming and tedious task. These products have received FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. clearance and are applicable in a variety of arthroscopic and laparoscopic Laparoscopic A minimally-invasive surgical or diagnostic procedure that uses a flexible endoscope (laparoscope) to view and operate on structures in the abdomen. Mentioned in: Obstetrical Emergencies surgical procedures including sports medicine sports medicine, branch of medicine concerned with physical fitness and with the treatment and prevention of injuries and other disorders related to sports. Knee, leg, back, and shoulder injuries; stiffness and pain in joints; tendinitis; "tennis elbow"; and , urology, gynecology and general surgery. Axya's products and technology will be exhibited at the American Academy of Orthopaedic Surgeons Annual Meeting in Washington, DC on February 23 - 25. They will be located in Booth 2761 in Hall A of the Washington Convention Center The Washington Convention Center has been the name of two convention centers in Washington, D.C. The old Washington Convention Center was located at 909 H Street NW and was in use from 1983 until 2004. . |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion