Axonics adds $18m to $120m IPO

Axonics Modulation Technologies (NSDQ:AXNX) said today that the underwriters behinds its $120 million initial public offering exercised their over-allotment option, adding another $18 million to its coffers. Irvine, Calif.-based Axonics, which makes the r-SNM device sacral neuromodulation system for treating overactive bladder, fecal incontinence and urinary retention, said the underwriters picked up 1.2 million shares at $15 each, taking gross proceeds from the flotation to $138 million. Axonics closed the IPO Nov. 2, after first setting a range of $93.3 million to $106.7 million which it later increased to $120 million. 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 next year. 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 early-after...
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