Axonics Modulation Technologies said today that it put another $21 million in its coffers in the second tranche of a Series C round for its sacral nerve modulation technology in treating overactive bladder syndrome.
The first, $15 million Series C tranche closed in May. The latest, $20.5 million tranche takes Axonics’ total raise to at least $106.1 million, adding to its $32.6 million Series A round and the $38.5 million Series B. The Irvine, Calif.-based company said it plans to use the proceeds on a pivotal study that’s slated to launch late this year.
The Series C second tranche included new investors Gilde Healthcare and CICA, joined by existing backer Cormorant Asset Management and “a select group of private individuals,” Axonics said. Gilde parnter Geoff Pardo joined the company’s board as part of the tranche.
“On behalf of all the stakeholders in Axonics, we extend a warm welcome to our new world-class investors and Mr. Pardo as a new board member. The fact that this financing was oversubscribed is testament to the quality of work that the Company has done to create an innovative and highly competitive sacral neuromodulation system,” CEO Raymond Cohen said in prepared remarks.
“Gilde believes that the SNM market will grow to over $1 billion in revenue in the next few years and with only one player in the market today, we are confident that Axonics, given the quality of its management team and its miniaturized implantable rechargeable system, is poised to take a measurable portion of that market following FDA approval,” Pardo added.
The r-SNM system won regulatory approvals in Europe and Canada last year.
