The Irvine, Calif.-based sacral neuromodulation (SNM) device maker is offering 4 million shares of common stock at $32.50 per share, before underwriting discounts and commissions. Underwriters have an additional 30-day option to purchase up to 600,000 more shares on the same terms and conditions.
Axonics Modulation Technologies expects the offering to close on May 12, 2020. BofA Securities, Morgan Stanley and Wells Fargo Securities are acting as the joint book-running managers for the offering and representatives of the underwriters. SVB Leerink and Needham & Company are acting as co-managers for the offering.
The company plans to use the proceeds from the offering to support the commercialization of its r-SNM system in the U.S., Canada and Europe. Axonics also plans to conduct SNM-related R&D activities and fund the enhancement of its system with the proceeds.