SALT LAKE CITY, March 17 /PRNewswire/ -- Axial Biotech, Inc., a company revolutionizing spine care through the development of molecular diagnostics and motion preserving technologies, announced today that it has met several major scientific milestones in its development of the first genetic prognostic test for Adolescent Idiopathic Scoliosis (AIS) and has closed a $6 million tranche of its Series B financing. The Series B financing was led by Johnson & Johnson Development Corporation, with participation by vSpring Capital and Ohio Biotech Group.
"These scientific milestones were extremely rigorous," said Kenneth Ward, M.D., the Chairman and Chief Scientific Officer of Axial Biotech. "They required our scientific team to analyze data from thousands of individuals and to confirm the identity of specific genetic markers that predict curve progression in early stage AIS with an extraordinary degree of accuracy, sensitivity, and specificity."
"I am very pleased about our team's accomplishments and for the continued support of our investors," said John M. Climaco, Axial Biotech's President and CEO. "For surgeons, patients, and their families, the significance of a genetic prognostic test for AIS, which can discriminate between progressive and non-progressive cases of the disease, is difficult to overestimate. It will positively impact the lives of thousands of children and should provide a springboard for the development of future scoliosis treatment options and may include the use of the company's motion preserving technologies."
"Axial Biotech's achievement of these very challenging milestones represents one of the largest steps in the company's efforts to bring important diagnostic tools to the orthopedic clinic," stated Dinesh Patel, Managing Director, vSpring Capital. "Our latest investment can be viewed as a clear vote of confidence, in the role that molecular diagnostics will play, in advancing the treatment of spinal disorders."
|SOURCE Axial Biotech, Inc.|
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