Axonics Modulation Tech Announces $14.5 Million First Close Of Series C Financing

IRVINE, Calif.--(BUSINESS WIRE)--Axonics Modulation Technologies, Inc., developer of the first rechargeable Sacral Neuromodulation (r-SNM™) system for the treatment of urinary and fecal dysfunction, announced today that it has completed a $14.5 million first closing of its Series C financing.

“Revenue from the sale of SNM devices is estimated at nearly $700 million in 2016 and is projected to grow to over $1 billion by 2021. With only one player in the SNM market today, our miniaturized rechargeable system represents a very attractive opportunity in the medtech space.”

Axonics intends to raise $30 million in its Series C financing. Proceeds from the financing will be used to conduct a pivotal clinical study in Overactive Bladder patients to gain U.S. FDA approval and prepare the Company to access markets around the world. The U.S. pivotal study is anticipated to begin in the second half of 2017 in select medical centers in North America and Europe.

The Series C financing first closing was comprised of all of Axonics’ major stockholders including Edmond de Rothschild Investment Partners based in Paris, London-based Advent Life Sciences, Boston-based Cormorant Asset Management, Beijing-based Legend Capital, Geneva-based NeoMed Management, and a select group of private individuals.

“These world-class investors have provided Axonics with phenomenal support throughout the development phase of our project, including attainment of key milestones such as European and Canadian regulatory approval and completion of our 50-patient European clinical study,” said Raymond W. Cohen, Chief Executive Officer of Axonics. “Revenue from the sale of SNM devices is estimated at nearly $700 million in 2016 and is projected to grow to over $1 billion by 2021. With only one player in the SNM market today, our miniaturized rechargeable system represents a very attractive opportunity in the medtech space.”

About Axonics Modulation Technologies, Inc.

Axonics, based in Irvine, CA, is a privately-held venture backed company that has developed a novel implantable neuromodulation technology for patients with urinary and fecal dysfunction and can be further directed towards several clinical indications. The Axonics r-SNM System includes a miniaturized rechargeable stimulator qualified to function at least 15 years, a charging system optimized for reduced charge time and minimal heating, a patient-friendly remote control and an intuitive clinician programmer that facilitates the lead placement procedure and programming. For more information, visit the Company’s website at www.axonicsmodulation.com.