Axonics Modulation Technologies, Inc., an Irvine, Calif.-based developer of a rechargeable Sacral Neuromodulation (r-SNM™) system for the treatment of urinary and fecal dysfunction, completed a $14.5m first closing of its $30m planned Series C financing.
Backers included Edmond de Rothschild Investment Partners, Advent Life Sciences, Cormorant Asset Management, Legend Capital, NeoMed Management, and a group of private individuals.
The 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.
Led by Raymond W. Cohen, Chief Executive Officer, Axonics develops 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 remote control and an intuitive clinician programmer that facilitates the lead placement procedure and programming.