Story excerpt provided by Crain’s Cleveland Business.
Written by Chuck Soder.
AxioMed Spine Corp. has been put up for sale by its senior secured lender.
A “core group of employees” continue to run the Garfield Heights-based spinal implant technology company, according to Steve Gerbsman, principal of Gerbsman Partners — the firm hired to sell the company minus its liabilities.
AxioMed raised more than $70 million from investors over the years. The company “is on track to achieve over $1MM during the next 12 months” from sales of its Freedom-brand spinal implants, which are on sale in Europe but not being heavily marketed, according to a letter being sent to potential buyers.
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Originally published October 3, 2014.