Axonics Modulation Technologies said today it raised $40.1 million in financing, with $20.1 million coming from an equity offering and $20 million from a new credit facility.

The Irvine, Calif.-based company is developing sacral nerve modulation technology designed for treating patients with urinary and bowel dysfunction.

The equity financing round was led by Longitude Capital and joined by existing investor Gilde Healthcare, Axonics said. As part of the offering, Longitude managing director Juliet Bakker will join Axonic’s board of directors, the company added.

“Given the quality of the Axonics r-SNM system and the caliber of its management team, Longitude is confident that Axonics is well positioned to address the needs of patients with urinary and bowel dysfunction and disrupt the worldwide market for sacral neuromodulation,” Bakker said in a press release.

Axonics said that the $20 million credit facility was obtained from Silicon Valley Bank.

“On behalf of all the stakeholders in Axonics, I extend a warm welcome to Longitude as a new investor and Ms. Bakker as a new board member. Axonics has created an innovative and highly competitive sacral neuromodulation system, and as a result, we have been able to attract a significant amount of investment capital from world-class investors in Europe, the U.S. and China. With this new equity and the credit facility from SVB, we now have the necessary capital to successfully commercialize the r-SNM system,” CEO Raymond Cohen said in a prepared statement.

Funds from the combined financing will help support the launch of the company’s r-SNM neuromod device in the Europe and the U.S., following FDA approval.

In January, Axonics said that the first 11 patients in its Artisan-SNM sacral neuromodulation study have been implanted with the company’s device designed to treat urinary and bowel dysfunction. The company said it expects to complete the study later this year.