Monday, March 17, 2008

Axial Adds $6M To Series B

Axial Biotech Inc., a developer of DNA-based diagnostic tests for common spinal diseases, announced Monday that its second round of venture financing has received a $6 million tranche. The additional funding in the firm's Series B follows a $15.3M investment in the same round in March of last year. Axial credited the Johnson & Johnson Development Corp. with leading the effort. vSpring Capital and the Ohio Biotech Group also participated. Axial noted that the funding came on the heels of the company having met several major scientific milestones in the development of a genetic prognostic test for Adolescent Idiopathic Scoliosis. Axial said it expects to launch its AIS diagnostic test in September. Founded in 2002, Axial Biotech is headquartered in Salt Lake City, Utah. More information »