Axonics announces $150M offering

May 11, 2021 By Sean Whooley

Axonics (NSDQ:AXNX) announced today that it commenced a proposed public offering of common stock worth $150 million.

Irvine, Calif.-based Axonics, which develops the Axonics r-SNM (sacral neuromodulation) system to treat bladder and bowel dysfunction, also expects to grant underwriters a 30-day option to purchase up to $22.5 million in additional shares of its common stock, according to a news release.

The company plans to use the net proceeds collected from the offering to repay all or a portion of its outstanding indebtedness of $75 million, it said.

Additionally, funds raised in the offering may be used to support the commercialization of its products in the U.S. and internationally. Further intended uses of the funds include R&D and the technological enhancement of its products, along with working capital and general corporate purposes.

BofA Securities, Piper Sandler and SVB Leerink are acting as the joint book-running managers for the proposed offering. Baird, Guggenheim Securities, Needham & Company and Truist Securities are acting as co-managers for the offering.

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