Axonics Modulation Technologies, Inc., an Irvine, CA-based developer of miniaturized implantable Sacral Neuromodulation technology, completed a $38.5m Series B financing.
Backers included new investors Advent Life Sciences and Cormorant Asset Management, and existing investors Edmond de Rothschild Investment Partners, NeoMed Management, Legend Capital, The Alfred E. Mann Foundation and a select group of private individuals. In conjunction with the funding, Shahzad Malik, M.D., of Advent Life Sciences, will join Axonics’s Board of Directors
The company, which has raised a total of $59m in capital, intends to use the funds to conduct a multi-center clinical study in Overactive Bladder patients anticipated to begin in early 2016 in Europe and North America.
Led by Raymond W. Cohen, Chief Executive Officer, Axonics has developed a novel implantable neuromodulation technology. Founded in October 2013, the company
is advancing Sacral Neuromodulation therapy, which is FDA-approved and has been proven to be safe and effective for patients suffering from various chronic conditions, including Overactive Bladder, Fecal Incontinence and Urinary Retention. These conditions affect over 100 million adults in the world.