GAINESVILLE – On Friday, AxoGen (NASDAQ:AXGN) began trading on the NASDAQ following two years on the Over the Counter Bulleting Board (OTCQB) by issuing 6 million shares at $ 3.00 per share. Net proceeds from the launch will be used to expand product commercialization, marketing, working capital, and research and development.
According to the company’s profile, AxoGen was founded in 2002 with technology licensed from the University of Florida that was invented by Dr. David Muir of the McKnight Brain Institute. Dr. Muir developed a process of regenerative therapy that utilizes enzymes that target proteins that would prevent damaged nerves from healing. Prior to Dr. Muir’s discovery, a patient received a nerve from another part of the body, leaving the patient with nerve damage there.
In 2011, AxoGen merged with LecTec Corporation in a deal worth $ 13 million in stock. The combined company also closed a private financing deal in 2012 reportedly worth $ 21 million.
In July, the company made headlines as one of their patients, Navy Corpsman Edward Bonfiglio, was chosen to represent tissue recipients in the 2014 Rose Parade by the by the American Association of Tissue Bank’s. Due to an injury Bonfiglio received during a routine foot patrol in Afghanistan, he had lost all function and feeling below the knee in his left leg.
Surgeons at the Walter Reed National Military Medical Center in Washington, D.C. presented Bonfiglio with either amputation or the use of AxoGen’s Avance© Nerve Graft. Bonfiglio chose the nerve graft and today he is currently training for the Paralympics.
According to Karen Zaderej, CEO of AxoGen, ‘Edward is an exceptional human being who served our country bravely, and we are privileged to have provided a nerve repair solution that contributed to saving his leg. He provides great inspiration and hope to patients, in particular those with nerve injuries who can benefit from our processed nerve allograft. We support his efforts to expand awareness of treatment options and the recovery process for patients with nerve injuries.’
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