Axonics Modulation Technologies, Inc., a developer of novel implantable neuromodulation technology, announced today that it has completed a $32.6 million Series A preferred stock financing.
Axonics holds an exclusive license for its miniaturized implantable neuromodulation technology from The Alfred Mann Foundation (AMF), a renowned non-profit medical research organization located in Valencia, Calif. The Axonics technology product platform leverages decades of implantable device experience and related intellectual property from AMF. Lead products are directed toward a number of clinical indications including the treatment of chronic pain and overactive bladder; markets that approached $2 billion in worldwide revenue by the end of 2013.
Axonics founders include the former senior management team of Vessix Vascular, Inc., which was acquired by Boston Scientific Corp. in November 2012. The team includes Raymond W. Cohen, Chief Executive Officer; Dan L. Dearen, Chief Operating & Financial Officer; and Michael Williamson, Senior VP & General Counsel. Joining the Axonics senior management team as Chief Technology Officer is co-founder Guangqiang Jiang, Ph.D., former Vice President, R&D for The Alfred Mann Foundation and Timothy Deer, M.D., the president of the Center for Pain Relief and well-reputed expert in the field of neuromodulation and pain management.
Edmond de Rothschild Investment Partners (EdRIP) of Paris, France, was the lead investor for the Axonics Series A financing round. Also participating in the financing were Geneva-based NeoMed Management; Beijing-based Legend Capital, a venture capital arm of Legend Holdings, Ltd.; and a select group of private individuals. Raphaël Wisniewski of EdRIP, Erik Amble of NeoMed and Darren Cai of Legend have been appointed to the Axonics Board of Directors to serve alongside Mr. Cohen, David Hankin of AMF, John Petrovich of AMF, and retired Medtronic senior executive and independent director Robert M. Guezuraga.
Proceeds from the financing will provide working capital to accelerate product development and fund a series of multi-center clinical studies to establish safety and efficacy of the company's patented neuromodulation system. In conjunction with the financing, Axonics Modulation established a European subsidiary to support planned European clinical studies and a commercial product launch.
"We are encouraged that this group of world class investors recognizes the quality work done to date by AMF and the opportunity being created by the proven team of engineers and executives now in place at Axonics," said Mr. Cohen. "We truly have the potential to take that technology foundation and rapidly commercialize a next-generation implantable neuromodulation platform to treat chronic pain via spinal cord stimulation and peripheral nerve applications."
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