Axonics Modulation Technologies said it raised nearly $17.3 million in an equity financing as it develops next-generation neuromodulation technology to treat various medical conditions.
The California company disclosed the funding in a recent regulatory filing that does not name specific investors.
Axonics, which launched in late 2013, is initially focusing on building a miniaturized rechargeable stimulator to treat overactive bladder and fecal incontinence, according to its website.
The technology involves sacral neuromodulation, which uses small electrical impulses to stimulate the sacral nerves in the lower back, via electrode leads attached to an implantable device placed either in the upper buttock or abdomen. Axonics raised a $33 million Series A round last year.
The Irvine-based startup’s roster includes key personnel from Vessix Vascular, which was sold to Boston Scientific (NYSE:BSX) in 2012 in a deal worth up to $425 million. Axonics CEO Raymond Cohen and COO/CFO Dan Dearen held the same positions at Vessix. Chief product development officer Prabodh Mathur led product development programs at Boston Scientific and Vessix Vascular, according to Axonics.
Neuromodulation-based treatments for conditions such as overactive bladder are on the rise. Bioness, for example, in March disclosed that it had successfully treated 4 patients with its StimRouter neuromodulation implant to combat the condition. Cogentix Medical (NSDQ:CGNT), formed by the merger of Minnesota’s Uroplasty and New York’s Vision-Sciences, has its Urgent PC neuromodulation system cleared to treat overactive bladder.