Axonics Modulation Technologies said it drummed up a $32.6 million Series A round for the neuromodulation technology it’s developing to treat chronic pain and overactive bladder.
Irvine, Calif.-based Axonics said the round was led by Edmond de Rothschild Investment Partners and included NeoMed Management, Legend Capital and "a select group of private individuals."
Axonics is licensing the technology from the Alfred Mann Foundation, according to a press release. Proceeds from the round are slated for product development and clinical trials, Axonics said, adding that it will establish a European subsidiary for its clinical trials across the pond.
"We are encouraged that this group of world class investors recognizes the quality work done to date by AMF and the opportunity being created by the proven team of engineers and executives now in place at Axonics," said Mr. Cohen. "We truly have the potential to take that technology foundation and rapidly commercialize a next-generation implantable neuromodulation platform to treat chronic pain via spinal cord stimulation and peripheral nerve applications."
Axonics’ founders are members of the management team of Vessix Vascular, which Boston Scientific (NYSE:BSX) acquired for $425 million in late 2012, including CEO Raymond Cohen; COO/CFO Dan Dearen; and general counsel Michael Williamson. The co-founding team also includes chief technology officer Guangqiang Jiang, former vice president of R&D at The Mann Foundation and Dr. Timothy Deer, president of the Center for Pain Relief, according to the release.