Axonics Modulation Technologies said today that it put nearly $15 million into its coffers as it readies a pivotal study later this year for its sacral nerve modulation technology in treating overactive bladder syndrome.
The Irvine, Calif.-based company said it hopes to add another $15.5 million to the $14.5 million it pulled in from its Series C round, which involved all of its major backers including Edmond de Rothschild Investment Partners, Advent Life Sciences, Cormorant Asset Management, Legend Capital, NeoMed Management and “a select group of private individuals.”
“These world-class investors have provided Axonics with phenomenal support throughout the development phase of our project, including attainment of key milestones such as European and Canadian regulatory approval and completion of our 50-patient European clinical study,” CEO Raymond Cohen said in prepared remarks. “Revenue from the sale of SNM devices is estimated at nearly $700 million in 2016 and is projected to grow to over $1 billion by 2021. With only 1 player in the SNM market today, our miniaturized rechargeable system represents a very attractive opportunity in the medtech space.”