Axonics is a privately held, venture-backed company based in Irvine, CA that has developed a rechargeable sacral neuromodulation (r-SNM) system for urinary and bowel dysfunction. The 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. The system is approved in Europe, Canada and Australia, and Axonics is conducting a pivotal study at select centers in the U.S. and Europe expected to complete in late 2018. The company intends to use proceeds from the financing to launch the r-SNM system in Europe and in the U.S. following FDA approval. Axonics positions its product as an innovative and competitive offering in sacral neuromodulation and emphasizes commercialization as its near-term priority. Axonics Modulation Technologies develops a miniaturized rechargeable sacral neuromodulation (r-SNM) system to treat urinary and bowel dysfunction. The r-SNM system includes a rechargeable implantable stimulator qualified to function at least 15 years, a charging system optimized for reduced charge time with no heating, a patient remote control, and an intuitive clinician programmer to aid lead placement and programming. The company is privately held and venture-backed and announced regulatory approvals in Europe and Canada in 2016. Axonics plans a U.S. pivotal clinical study in overactive bladder patients to gain FDA approval, anticipated to begin in late 2017 at select centers in North America and Europe. Proceeds from the recent financing will be used to conduct that pivotal study and prepare the company to access global markets. Geoff Pardo of Gilde Healthcare joined the Axonics board following the financing. Axonics develops a miniaturized implantable Sacral Neuromodulation (SNM) system intended to treat overactive bladder, fecal incontinence and urinary retention. The device is rechargeable, roughly 60% smaller than the only other marketed SNM device and its implanted pulse generator is designed to last over 15 years. Axonics is a privately held, venture-backed, pre-revenue company based in Irvine, California, founded in October 2013 and built on licensed patents from the Alfred E. Mann Foundation. Management plans to use recent financing to conduct a multi-center clinical study in overactive bladder patients beginning in early 2016 in Europe and North America. The company cites a large addressable market—nearly 30,000 SNM implants in 2014 with estimated revenue approaching $600 million and projected to exceed $1 billion by 2019—and notes there is currently only one incumbent in the SNM market. Since inception Axonics has raised a total of $59 million in capital. Axonics is a privately held, venture-backed pre-revenue company based in Irvine, Calif., developing a miniaturized implantable neuromodulation platform licensed from The Alfred Mann Foundation. The platform leverages decades of implantable device experience and related intellectual property from AMF, with lead products directed toward clinical indications including chronic pain (spinal cord stimulation and peripheral nerve applications) and overactive bladder. Global revenue for neuromodulation approached $2 billion by the end of 2013 and was projected to grow substantially by 2020. Proceeds from the Series A financing will provide working capital to accelerate product development and to fund multi-center clinical studies to establish safety and efficacy of the company's patented system. In conjunction with the financing, Axonics established a European subsidiary to support planned European clinical studies and a commercial product launch. The leadership team includes former senior management of Vessix Vascular and clinical and technical experts, led by CEO Raymond W. Cohen.

Total raised

$132M

Funding rounds

5

Latest round

Equity

Latest activity

Apr 2018