AirXpanders Is Pumped for Anticipated Growth After Recent Financing

The company responsible for the first major change in breast tissue expansion in almost 40 years is getting strong support from investors. San Jose, CA-based AirXpanders recently closed a rights offering in Australia to raise roughly A$15.7 million, along with a U.S. placement to raise about $3.4 million (A$4.6 million), equivalent to a total of about $15 million before transaction costs. Vivo Ventures invested $3.3 million of the U.S. placement and the company's board chairman invested $500,000. "We are confident of the outlook for the company and the successful closing of our A$20.3 million raising places us in a sound financial position to deliver on our anticipated growth over the coming year," said Frank Grillo, the company's president and CEO. AirXpanders, which is on the Australian Securities Exchange, developed the AeroForm Tissue Expander System. As MD+DI reported last year, FDA has granted de novo clearance to the device. The AeroForm is a  needle-free, patient-controlled, wireless, tissue expander system for women who choose to have reconstructive surgery following a mastectomy. The device was a gold winner in the 2018 Medical Design Excellence Awards in the category of implant and tissue-replacement products, and also won the award for best in show. The device has an interesting backstory, as it was inspired by a flat tire. Daniel Jacobs, a plastic surgeon in San Jose, CA, pulled out a carbon dioxide cart...
Source: MDDI - Category: Medical Devices Authors: Tags: Business Implants Source Type: news