Axonics Modulation Technologies last week registered for an initial public offering worth more than $86 million for its neuromodulation system for treating urinary and bowel conditions.
The Irvine, Calif.-based company touts its r-SNM device as the first rechargeable sacral neuromodulation system for treating overactive bladder, fecal incontinence and urinary retention. 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.
Th r-SNM device 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 registration filing, Axonics said it expects to file a pre-market approval bid with the FDA during the first quarter of 2019.
In the filing, which lists the flotation’s value at $86.3 million, Axonics said it plans to list on the NASDAQ exchange under the AXNX symbol.