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Axonics brings in $40.1mm with concurrent equity and debt financings

Executive Summary

Axonics Modulation Technologies Inc. (neuromodulation device for urologic disorders) raised a total of $40.1mm through concurrent equity and debt financings. The $20.1mm undisclosed late-stage equity round was led by new backer Longitude Capital (which added a board member), with participation from existing investor Gilde Healthcare. (In its last venture financing in May 2017, the company brought in $35mm through a two-tranche Series C round.) Separately, Silicon Valley Bank provided a $20mm credit facility. Axonics will use the proceeds to launch its implantable Sacral Neuromodulation (r-SNM) system (to treat urinary and bowel dysfunction) in Europe, where it received the CE mark in 2016, and in the US, where it's undergoing a pivotal study initiated in November 2017, with FDA clearance expected between now and June 2019, according to Meddevicetracker estimates.
Deal Industry
  • Medical Devices
    • Implantable Devices
    • Surgical Equipment & Devices
      • Minimally or Less Invasive
Deal Status
  • Final
Deal Type
  • Financing
    • Nonconvertible Debt
    • Private Placement

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