MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

Home » Axonics adds $18m to $120m IPO

Axonics adds $18m to $120m IPO

By

AxonicsAxonics Modulation Technologies (NSDQ:AXNX) said today that the underwriters behinds its $120 million initial public offering exercised their over-allotment option, adding another $18 million to its coffers.

Irvine, Calif.-based Axonics, which makes the r-SNM device sacral neuromodulation system for treating overactive bladder, fecal incontinence and urinary retention, said the underwriters picked up 1.2 million shares at $15 each, taking gross proceeds from the flotation to $138 million.

Axonics closed the IPO Nov. 2, after first setting a range of $93.3 million to $106.7 million which it later increased to $120 million.

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 next year.

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

AXNX shares opened at $16.05 apiece on Oct. 31 before closing down -6.7% at $14.98.

The stock was trading at $15.12 per share today in early-afternoon activity, up 0.5%.

In case you missed it

RSS From Medical Design & Outsourcing

  • House committee investigates $70M federal contract for AutoMedx ventilators
    A Congressional committee has launched an investigation into a $70 million White House contract for ventilators that reportedly are inadequate to treat people with COVID-19. The Department of Defense signed a $16.2 million contract in spring 2020 to buy SAVe II ventilators, manufactured by AutoMedx (Addison, Tex.), from the supplier Combat Medical Systems, according to… […]
  • How CGMs can inspire lifestyle changes
    As an early adopter of fitness trackers such as the Fitbit, I’ve long appreciated the power of health data. But my recent experience with a continuous glucose monitor (CGM) has done far more to inspire me to look after my health — even as a nondiabetic. I had heard about the potential of such technology… […]
  • COVID-19 mask factory opens in N.J.
    Hudson Holdings Group today announced it has opened a factory to make up to tens of millions of protective masks a month. The Piscataway, N.J., site will produce more than 200 jobs, according to the company, which is in partnership on the project with the State of New Jersey. “Our ultimate goal is to help,”… […]
  • TE Connectivity posts Street-beating Q1 results, medical sales dip 12%
    TE Connectivity (NYSE:TEL) posted first-quarter results today that beat the consensus on Wall Street. The Schaffhausen, Switzerland-based company reported profits of $381 million, or $1.13 per share, on sales of $3.5 billion for the three months ended Dec. 31, 2020, for a bottom-line gain of 1365.4% sales growth of 11.2% compared with Q1 2020. Adjusted to… […]
  • Could this 3-D printed ‘biomesh’ minimize hernia repair complications?
    Some hernia mesh implants have been associated with adverse post-surgical complications. So researchers at Baylor College of Medicine have developed a 3D-printed biomesh to support and reinforce the damaged abdominal wall and facilitate the healing process. Mesh implants may fail because they promote the adhesion of the intestine, liver or other visceral organs to the… […]
  • Superior Sensor Technology launches versatile differential pressure sensors
    Superior Sensor Technology (Santa Clara, Calif.) today announced the launch of differential pressure sensors for industrial applications that support up to seven selectable pressure ranges in one device. Designed for a wide range of applications, the new ND Series sensors support pressure ranges as low as 62.5 Pa/0.25” H2O to as high as 345 mBar/5… […]
  • BD touts study of antigen test over molecular test for identifying infectious COVID-19 cases
    Becton Dickinson (BD) is touting the results of a small, in-house study of its Veritor Plus antigen test over molecular (PCR) tests to indicate whether an infected person is more likely able to spread SARS-CoV-2. The peer-reviewed study compared antigen and PCR test results to positive results using a viral cell culture test. Viral growth… […]
  • TDK adds pressure sensors for ventilators
    TDK Corporation announced the launch of a new range of differential pressure sensors designed as printed circuit boards for use in medical devices. The sensors are designed for measurement ranges of 16 mbar full-scale (FS), 100 mbar FS and 7 bar FS, with accuracy of up to ±1% FS at temperatures from -20 °C to… […]
  • Pediatric device workshop scheduled for February
    A virtual public meeting on pediatric medical device development is scheduled for Feb. 9-11, 2021. Sponsors include the FDA, AdvaMed, the American Academy of Pediatrics and the Critical Path Institute, a public-private partnership that receives FDA funding. The System of Hospitals for Innovation in Pediatrics – Medical Devices (SHIP-MD) Virtual Workshop will focus on the… […]
  • Pedra wins breakthrough nod for perfusion system
    Singapore-based Pedra Technology announced today that the FDA has granted the company breakthrough device designation for the periprocedural use of its Xauron perfusion system in the treatment of critical limb-threatening ischemia (CLTI). CLTI is a severe form of peripheral artery disease (PAD) that is defined as ischemic rest pain, tissue loss or gangrene (tissue death) that… […]
  • Freudenberg Medical expands U.S. molding operations
    Freudenberg Medical announced that it has expanded injection molding operations at its Baldwin Park, Calif., operation, which is focused on thermoplastics. Freudenberg Medical Baldwin Park has added six injection molding machines including three new Arburg molding machines, a work cell for two-shot molding and a Wittmann Battenfeld micro-molding machine with in-process visual inspection capability. The… […]