Axonics prices upsized $120m offering

Axonics Modulation Technologies yesterday priced an upsized initial public offering that could fetch a maximum of $138 million.

Irvine, Calif.-based Axonics, which makes the r-SNM device sacral neuromodulation system for treating overactive bladder, fecal incontinence and urinary retention, last week set the range for the flotation at $93.3 million to $106.7 million, saying it would issue nearly 6.7 million shares at $14 to $16 apiece.

Yesterday the company increased the number of shares to 8 million, priced at $15 each, for gross proceeds of $120 million. If a 30-day, 1.2-million-share over-allotment is fully exercised, that number would jump to $138 million. The company plans to list on the NASDAQ exchange under the “AXNX” symbol sometime today, with the offering slated to close Nov. 2.

Axonics touts the r-SNM device as the first such rechargeable system; it’s designed to deliver mild electrical stimulation using a four-electrode lead introduced through the sacrum and a pulse generator implanted in the upped buttocks. It won CE Mark approval in the European Union in June 2016; an external trial module won an FDA nod last July. It’s also approved for market in Canada and Australia. In its initial IPO filing, Axonics said it expects to file a pre-market approval bid with the FDA during the first quarter of 2019.

BofA Merrill Lynch and Morgan Stanley are joint book-runners, with Wells Fargo Securities as lead manager and SunTrust Robinson Humphrey as co-manager.

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