Trace Biosciences lands Series A backing from Axogen for nerve-imaging tech
What's the deal? Trace BiosciencesDealroom has a profile for this one. Try Dealroom →, a Portland-based clinical-stage biotech, has received a strategic investment from surgical firm Axogen (NASDAQ: AXGN) as part of its Series A round. The company develops Nerve Trace, a near-infrared fluorescence imaging technology that gives surgeons real-time visualization of nerves during operations. Additional investors are expected to join the round.
What's the endgame? Nerve Trace makes nerves visible in real time, including those obscured by surrounding tissue. That lets surgeons avoid nerves during procedures and, where a nerve is already injured, localize and assess it for more precise repair.
Why now? Trace's lead candidate, Nerve Trace Dx, cleared its Investigational New Drug application with the Food and Drug Administration in December 2025 and has begun a Phase I trial evaluating safety and feasibility in surgical patients. Proceeds will fund Phase II and III trials toward a New Drug Application.
Who's backing it? Axogen bills itself as the global leader in surgical solutions for restoring peripheral nerve function, with a portfolio that includes nerve grafts, connectors, and protectors. Its interest signals strategic alignment rather than pure financial return.
"We're pleased to welcome Axogen, a company that shares our commitment to protecting nerve function, as a strategic partner in this next phase of our growth," said Connor Barth, co-founder and chief executive officer of Trace Biosciences.
The signal: "You can't treat what you can't see," said Michael Dale, president and chief executive officer of Axogen. The deal ties a nerve-repair company to an imaging startup, pointing to a broader push to build visualization directly into the surgical workflow — protecting nerves before they are damaged and treating them more precisely when they are.
Read more: PR Newswire
Image credit: Trace Biosciences
