IRVINE, Calif.--(BUSINESS WIRE)--Axonics Modulation Technologies, Inc., a developer of novel implantable neuromodulation technology, announced today that it has completed a $32.6 million Series A preferred stock financing.
Axonics holds an exclusive license for its miniaturized implantable neuromodulation technology from The Alfred Mann Foundation (AMF), a renowned non-profit medical research organization located in Valencia, Calif. The Axonics technology product platform leverages decades of implantable device experience and related intellectual property from AMF. Lead products are directed toward a number of clinical indications including the treatment of chronic pain and overactive bladder; markets that approached $2 billion in worldwide revenue by the end of 2013.
Axonics founders include the former senior management team of Vessix Vascular, Inc., which was acquired by Boston Scientific Corp. in November 2012. The team includes Raymond W. Cohen, Chief Executive Officer; Dan L. Dearen, Chief Operating & Financial Officer; and Michael Williamson, Senior VP & General Counsel. Joining the Axonics senior management team as Chief Technology Officer is co-founder Guangqiang Jiang, Ph.D., former Vice President, R&D for The Alfred Mann Foundation and Timothy Deer, M.D., the president of the Center for Pain Relief and well-reputed expert in the field of neuromodulation and pain management.
Edmond de Rothschild Investment Partners (EdRIP) of Paris, France, was the lead investor for the Axonics Series A financing round. Also participating in the financing were Geneva-based NeoMed Management; Beijing-based Legend Capital, a venture capital arm of Legend Holdings, Ltd.; and a select group of private individuals. Raphaël Wisniewski of EdRIP, Erik Amble of NeoMed and Darren Cai of Legend have been appointed to the Axonics Board of Directors to serve alongside Mr. Cohen, David Hankin of AMF, John Petrovich of AMF, and retired Medtronic senior executive and independent director Robert M. Guezuraga.
Proceeds from the financing will provide working capital to accelerate product development and fund a series of multi-center clinical studies to establish safety and efficacy of the company’s patented neuromodulation system. In conjunction with the financing, Axonics Modulation established a European subsidiary to support planned European clinical studies and a commercial product launch.
“We are encouraged that this group of world class investors recognizes the quality work done to date by AMF and the opportunity being created by the proven team of engineers and executives now in place at Axonics,” said Mr. Cohen. “We truly have the potential to take that technology foundation and rapidly commercialize a next-generation implantable neuromodulation platform to treat chronic pain via spinal cord stimulation and peripheral nerve applications.”
About the Chronic Pain Market for Implantable Devices
Neuromodulation is one of the largest and fastest growing segments of the worldwide medical device market. Although spinal cord stimulator devices have been around for more than 40 years, the field of neuromodulation is still in its relative infancy. 2013 global revenue approached $2 billion and is expected to triple, reaching $6 billion by 2020. Leading the way is the spinal cord stimulation (SCS) segment - implantable devices to treat patients with chronic pain, which currently accounts for over 60 percent of the worldwide neurostimulation market. Additionally, predictions from leading pain societies across the U.S. have stated that approximately 20% of adult Americans experience chronic pain (equating to more than 60 million individuals).
About Axonics Modulation Technologies, Inc.
Axonics, based in Irvine, Calif., is a privately held venture-backed pre-revenue company developing novel implantable neuromodulation technology licensed from The Alfred Mann Foundation directed toward a number of clinical indications, including the treatment of chronic pain and overactive bladder.
About the Alfred Mann Foundation
Founded in 1985 by serial healthcare entrepreneur Alfred E. Mann, AMF is a non-profit medical research organization whose mission it is to bring advanced medical technologies to the public. AMF has developed a myriad of medical devices that have changed the lives of patients across the globe, including cochlear implants that enable deaf people to hear, implantable myoelectric sensors that enable amputees to control robotic prosthetics with their thoughts alone, several diabetes products as well as numerous products in the neural space for management of pain and the recovery of lost muscle function.
About Edmond de Rothschild Investment Partners
Paris-based Edmond de Rothschild Investment Partners is the private equity affiliate of the Edmond de Rothschild Group, which is specialized in asset management and private banking. Edmond de Rothschild Investment Partners is dedicated to minority investments into privately owned companies. EdRIP has currently close to €1 billion under management invested primarily as life sciences venture capital and growth capital. The EdRIP life sciences team of eight professionals brings together over 60 years of experience in the life science industry and more than 100 years of private equity and venture capital experience. The team has raised over €450 million through its Biodiscovery franchise and is currently investing BioDiscovery 4. For more information please visit: www.edrip.fr
About NeoMed Management
NeoMed Management is an international investment firm registered in Jersey, Channel Islands, with total capital under management in excess of $300 million that focuses exclusively on the healthcare products industry. NeoMed invests in all stages of development from start-up to later stage growth. Since inception in 1997, NeoMed has successfully invested in more than 40 innovative European and North American companies with outstanding growth prospects. For more information please visit: www.neomed.net
About Legend Capital
Legend Capital, based in Beijing, China, focuses on early and expansion-stage venture capital investments with 20 partners managing five USD funds and two RMB funds with over $2 billion focused on innovation and growth enterprises primarily related to China. Legend Capital has invested in nearly 200 companies, of which 23 are already listed on the NYSE, NASDAQ, HKEx, Gretai Securities Market, Shanghai Stock Exchange, GEM and ChiNext of Shenzhen Stock Exchange, with an additional 13 exits through trade-sale. In the Healthcare and Life science sector, Legend Capital has invested in over 20 companies in recent years with outstanding growth trajectory in China and/or a clear China market entry strategy. For more information please visit: http://www.legendcapital.com.cn
