Axonics pulls in $39m Series B for neurmod bladder control device

Axonics Modulation Technologies said today it raised $38.5 million in a Series B financing round for its sacral neurmodulation technology.

Irvine, Calif.-based Axonics is developing a miniaturized rechargeable neuromod stimulator to treat overactive bladder, urinary retention and fecal incontinence.

Proceeds from the round will go towards a clinical study of its neurmod device in treating overactive bladder patients, slated to begin enrollment in early 2016 in Europe and North America.

“We appreciate that this group of world-class investors recognizes the quality work done by Axonics to create a state-of-the-art rechargeable implantable sacral neuromodulation system. The Axonics device is 60% smaller than the only other marketed SNM device and also the first rechargeable device available for this market. Moreover, our implanted pulse generator promises to last over 15 years in the body – 3 times longer than the other SNM device on the market today. Revenue from the sale of SNM devices is estimated to be approaching $600 million annually with nearly 30,000 devices implanted in patients in 2014 alone. Revenue for this market is projected to grow to over $1 billion by 2019. With only 1 player in the SNM market today, this represents a significant opportunity for Axonics stakeholders and patients alike,” CEO Raymond Cohen said in a press release.

The round was led by Edmond de Rothschild Investment Partners and joined by new investors Advent Life Sciences and Cormorant Asset Management, and returning investors NeoMed Management, Legend Capital, The Alfred E. Mann Foundation and select private individuals.

Advent Life Science’s Dr. Shahzad Malik is slated to join Axonic’s board of directors as part of the funding round.

In May, Axonics raised nearly $17.3 million in an equity financing round. The company raised a $33 million Series A round last year, and said it has raised $59 million total so far.

The startup’s roster includes key personnel from Vessix Vascular, which was sold toBoston Scientific (NYSE:BSX) in 2012 in a deal worth up to $425 million. Axonics CEO Raymond Cohen and COO/CFO Dan Dearen held the same positions at Vessix. Chief product development officer Prabodh Mathur led product development programs at Boston Scientific and Vessix Vascular, according to Axonics.

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