Axonics Modulation Technologies yesterday set the range on an initial public offering that would fetch $100 million at the midpoint.
The Irvine, Calif.-based company makes the r-SNM device sacral neuromodulation system for treating overactive bladder, fecal incontinence and urinary retention. Axonics touts it as the first such rechargeable device; it’s designed to deliver mild electrical stimulation using a four-electrode lead introduced through the sacrum and a pulse generator implanted in the upped buttocks.
Axonics said it plans to float nearly 6.7 million shares at $14 to $16 apiece, for a gross proceeds range of $93.3 million to $106.7 million. The company plans to list on the NASDAQ exchange under the “AXNX” symbol.
The r-SNM device won CE Mark approval in the European Union in June 2016; an external trial module won an FDA nod last July. It’s also approved for market in Canada and Australia. In its initial IPO filing, Axonics said it expects to file a pre-market approval bid with the FDA during the first quarter of 2019.