Axonics Modulation Technologies, Inc., an Irvine, Calif.-based developer of a rechargeable Sacral Neuromodulation (r-SNM™) system for the treatment of urinary and bowel dysfunction, completed a $20.5m second closing of its Series C financing.
This brings the total amount of capital raised for the company’s Series C round to $35m.
The closing included new investors Gilde Healthcare and CICA, Inc., as well as existing investor Cormorant Asset Management and a select group of private individuals. In conjunction with the funding, Geoff Pardo, Partner at Gilde Healthcare, joined Axonics’ board of directors.
The company will use the funds to conduct a pivotal clinical study in Overactive Bladder patients to gain U.S. FDA approval and prepare Axonics to access markets around the world. The U.S. pivotal study is anticipated to begin in late 2017 in select medical centers in North America and Europe. During 2016, the Axonics r-SNM system gained regulatory approval in Europe and Canada.
Led by Raymond W. Cohen, Chief Executive Officer, Axonics has developed a novel implantable neuromodulation technology for patients with urinary and bowel dysfunction and can be further directed towards several clinical indications. The Axonics r-SNM system includes a miniaturized rechargeable implantable stimulator qualified to function at least 15 years, a charging system optimized for reduced charge time with no heating, a patient-friendly remote control and an intuitive clinician programmer that facilitates the lead placement procedure and programming.