DEVELOPMENT FINANCING ADVISORY COUNCIL APPROVES ECONOMIC
DEVELOPMENT PROJECTS IN OHIO
FOR IMMEDIATE RELEASE
October 31, 2006
Columbus, OH -- Governor Bob Taft today announced that the Development Financing Advisory Council (DFAC) has approved loans and bonds totaling more than $33 million for 10 economic development projects. The loans, which are pending State Controlling Board approval, are expected to create 801 jobs and retain 1,610 positions.
AxioMed Spine Corporation (AxioMed), located in Cleveland (Cuyahoga County), will receive an $838,653 Innovation Ohio Loan Fund loan at an interest rate of 10.25 percent for a term of seven years for costs associated with the acquisition of machinery and equipment, furniture and fixtures and leasehold improvements. AxioMed was formed in 2001 to develop products for restoring native function to patients with degenerative spine disease. The company has developed an artificial disc that advances the standard of care beyond disc function and the first generation of artificial discs. The disc allows native function of the natural human intervertebral disc with a low invasive surgical approach. The company proposes to build a manufacturing facility at its Cleveland headquarters to produce and test its Freedom Lumbar Disc and related products. AxioMed will modify existing space with leasehold improvements and will purchase manufacturing equipment. This more than $980,000 project is expected to create 12 jobs and retain 10 positions at the project site within the first three years of the project’s initial operations.