Axonics (NSDQ:AXNX) announced today that it closed a public offering of common stock worth proceeds of more than $200 million.
Irvine, Calif.-based Axonics, which develops the Axonics r-SNM (sacral neuromodulation) system to treat bladder and bowel dysfunction, offered more than 4 million shares of its common stock at $50 per share, according to a news release.
With underwriters exercising in full the option to purchase 525,000 additional shares at the public offering price, the proceeds before deducting discounts, commissions and other expenses totaled approximately $201.3 million.
In announcing the commencement of the offering earlier this week, Axonics said it plans to use the net proceeds collected from the offering to repay all or a portion of its outstanding indebtedness of $75 million.
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 acted as the joint book-running managers for the offering and representatives of the underwriters. Baird, Guggenheim Securities, Needham & Company and Truist Securities acted as co-managers for the offering.