Florida regenerative medicine company AxoGen Inc. (NSDQ:AXGN) raised $18 million through an underwritten offering of public shares, one of a series of recent milestones that CEO Karen Zaderej said she was "delighted" with.
AxoGen plans to use the funding to expand commercial and marketing efforts for its peripheral nerve repair systems, including its Avance Nerve Graft, AxoGuard Nerve Connector and AxoGuard Nerve Protector products. Funds will also go toward pipeline development and for general working capital, according to a press release.
"I am delighted with the many milestones AxoGen has achieved this year," Zaderej said in prepared remarks. "The successful closing of this $18 million stock offering provides additional validation of the peripheral nerve repair market as a growth segment."
The company this quarter also moved its stock to the Nasdaq exchange and the company increased its revenues by 42% compared to the same period last year.
"Our move to Nasdaq places AxoGen among the leading innovative growth companies; provides more efficient trading for our shareholders; and increases our visibility to institutional shareholders," Zaderej said. "In addition, our strong revenue performance to date demonstrates the traction we are gaining in [the peripheral nerve repair] market."
AXGN shares were up 0.3% to $2.98 as of about 12:00 p.m. today.