Columbus –State Senator Nina Turner (D-Cleveland) announced today that the State Controlling Board approved a $500,000 Department of Development Innovation Ohio Loan to AxioMed Spine Corporation (ACS) in Garfield Heights, an inner-ring suburb of Cleveland. The loan will lead to the creation of six new jobs while retaining 25 existing jobs.
“I am pleased to learn of the state’s continuing commitment to promoting Northeast Ohio’s emerging medical technology field,” said Senator Turner. “This is yet another great example of the public and private sectors working together to produce a positive outcome for our communities.”
The loan will allow ACS to purchase production tooling, equipment and surgical instruments. The equipment will be used in the development of their new Freedom Lumbar Disc products, a total disc replacement for the lowest vertebrae.
“This is truly a win-win for everyone,” said Turner. “The investments will help create and retain jobs and assist ACS in developing and manufacturing products that will help improve the quality of life for chronic back pain sufferers.”
Founded in 2001, ACS’ mission is to develop products for patients who suffer from Degenerative Disc Disease. The Garfield Heights-based company is an emerging medical device company designing spine products to restore natural spine function through total disc replacement. The Department of Development’s funding represents 74 percent of the total investment.
The Controlling Board provides legislative oversight over certain capital and operating expenditures by state agencies and has approval authority over various other state fiscal activities.