AxioMed Spine Corporation, just outside of Cleveland, was founded in 2001 by COO James Kuras, a biomedical engineer. The company was created to advance products that restore spinal function to patients with degenerative spine disease. The company is headed by CEO Patrick McBrayer who has extensive management experience in the medical industry and founded biotechnology company Transave. Since its founding, AxioMed has received more than $34 million in private equity financing from several venture capitalists for its Freedom Lumbar Disc product. Unlike earlier artificial disks that utilized ball-and-socket articulating bearings, the latest "next-gen" devices better replicate the natural function of the native disk. AxioMed's patented polymeric core, along with the device's unique design, provides three-dimensional motion that reduces pain and increases mobility. Following a successful European clinical study, the company's Freedom Lumbar Disc received CE Mark approval, signifying that the product meets European Union consumer safety standards. In the U.S., the FDA has approved an IDE pivotal study for the Freedom Lumbar Disc.