Axonics closes $120m IPO

Axonics Modulation Technologies (NSDQ:AXNX) today closed its $120 million initial public offering, saying it could reap still more from the flotation if an underwriters option is exercised. Irvine, Calif.-based Axonics, which makes the r-SNM device sacral neuromodulation system for treating overactive bladder, fecal incontinence and urinary retention, had set the range for the flotation at $93.3 million to $106.7 million, but later increased the number of shares to 8 million, priced at $15 each. The 30-day, 1.2-million-share over-allotment, if fully exercised, would add $18 million to the IPO’s gross. Axonics touts the r-SNM device as the first such rechargeable system; 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. It 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. BofA Merrill Lynch and Morgan Stanley were joint book-runners, with Wells Fargo Securities as lead manager and SunTrust Robinson Humphrey as co-manager, Axonics said. AXNX shares opened at $16.05 apiece on Oct. 31 before closing down -6.7% at $14.98. The stock was trading at $15.12 per share today in mid-day activity, up 4.3%. The...
Source: Mass Device - Category: Medical Devices Authors: Tags: Featured Funding Roundup Initial Public Offering (IPO) Neuromodulation/Neurostimulation Wall Street Beat Axonics Modulation Technologies Source Type: news