Michigan startup Axonia Medical the close of a $2 million seed financing round that the company plans to use to further develop its nerve repair and restoration technologies.
Axonia aims to repair damage associated with nerve injuries, such as peripheral nerve injury, spinal cord injury, traumatic brain injury and stroke, and area with "a remarkable absence of viable treatment options," the company said.
Axonia aims to develop therapies for the functional repair of the nervous system, spurring natural regeneration and bridging damaged tissue. The company’s lead product is designed for treatment of peripheral nerve injury following traumatic injury and tumor resection.
Funding was led by Southwest Michigan First Life Science Venture Fund and included participation from Ann Arbor SPARK and Western Michigan University Research Foundation, Biosciences Research and Commercialization Center, according to a press release.
"The seed financing represents a significant milestone and thrilling time for our company," president, CEO and co-founder Dr. Harry Ledebur said in prepared remarks. "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 was founded by University of Pennsylvania neurosurgery professor Dr. Douglas Smith and Southwest Michigan Life Science Venture Fund executive in residence Dr. Ledebur. . The startup is supported by Penn’s UPstart Program, a partnership dedicated to launching new ventures based on the university’s technologies.