Tuesday, March 27, 2007

Axial Biotech Raises $15.3M in Series B Funds

Axial Biotech, a genetic research firm headquartered in Salt Lake City, Utah, has raised $15.3 million in Series B financing, the company reported Tuesday. Johnson & Johnson Development Corporation led the funding, which will be split into two traunches. Previous investors vSpring Capital and Ohio Biotech Group LLC also participated. As part of the financing, Roger J. Guidi, vice president of venture investments for Johnson & Johnson, will join Axial Biotech's board of directors. Axial Biotech, which was founded in 2002, said it will use the capital to continue developing the world's first genetic test for scoliosis, a childhood disease that causes deformation of the spine. Johnson & Johnson Development Corporation is the venture capital subsidiary of Johnson & Johnson. vSpring Capital is an early stage venture capital firm with $260 million under management. Ohio Biotech is an investment group that includes some of the U.S.'s leading spine surgeons. More information »