Sacral neuromodulation device-maker Axonics Modulation Technologies (NSDQ:AXNX) announced that the underwriters of its follow-on public offering exercised in full their option to buy an additional 750,000 shares of common stock.
The additional shares are set to be purchased from Axonics at the offering price of $22 per share, less underwriting discounts and commissions, according to a news release.
Axonics said the total number of common stock shares in the offering increases to more than 5.3 million, meaning the company is slated to collect $16.5 million in additional gross proceeds, before discounts and commissions and offering expenses.
Bank of America Securities and Barclays acted as joint book-running managers for the offering and represented the underwriters. Wells Fargo Securities acted as lead manager for the offering.
Last month, Irvine, Calif.-based Axonics placed the $110 million offering with plans to plans to combine the net proceeds with existing cash, cash equivalents and investments to support the commercial launch of its r-SNM (sacral neuromodulation) system in the U.S., Europe and Canada. Axonics also intends to put some money toward SNM-related research and development and technological enhancement of the r-SNM system, along with working capital and general corporate purposes.
Earlier in the month, Axonics won FDA premarket approval for its r-SNM for the treatment of overactive bladder and urinary retention, which followed the FDA approval that r-SNM won in September for fecal incontinence.
The implantable, rechargeable sacral neuromodulation device is the first of its kind approved for sale in the U.S., Europe, Canada and Australia. It is also the only SNM device approved for full-body MRI scans without needing the device explanted, according to a news release.
Axonics is also in the midst of a legal battle over its SNM technology. In November, Medtronic (NYSE:MDT) filed a lawsuit against the company in the U.S. District Court for the Central District of California, alleging infringements of four patents for Medtronic’s SNM technologies indicated for bowel and bladder conditions.