SYDNEY--(BUSINESS WIRE)--AirXpanders Inc., a U.S.-based medical device company focused on the design, manufacture, sale and distribution of the AeroForm® tissue expander, has successfully raised AU$36.5 million following the close of its fully underwritten Initial Public Offering (IPO).
AirXpanders offered approximately 73 million CDIs in the company at AU $0.50 /CDI, with an indicative market capitalisation of approximately AU$113 million (on a fully-diluted basis).
Tissue expanders are used in breast reconstruction procedures following mastectomy to expand and stretch the skin and underlying muscle prior to the placement of a permanent breast implant. To date, tissue expansion has traditionally been a cumbersome and often traumatic process for which patients must typically attend the surgeon’s office regularly over a period of weeks or months to receive a series of saline injections through the breast and into a tissue expander.
By comparison, AeroForm® is a needle-free process that can be controlled by the patient herself (including at home or at work) through a wireless remote control unit that provides more efficient and less painful breast tissue expansion in a significantly shorter timeframe.
AeroForm® has been successfully used in more than 350 patients in clinical trials and commercial settings by a number of Australian and US leading breast reconstruction surgeons. The Company plans to build on the success of its recent market launch of AeroForm® in Australia by rapidly scaling its manufacturing and sales and marketing infrastructure.
Pending clearance from the FDA by the end of 2015, AirXpanders is preparing for its market launch of AeroForm® in the US from early next year.
“We are delighted with the strong response to this IPO. We’ve attracted the support of many domestic and international institutional investors as well as Australian retail investors,” said Scott Dodson, AirXpanders President and Chief Executive Officer.
“We believe that AeroForm® is the best innovation in tissue expander technology in decades and we are looking forward to making it available throughout Australia and the United States. Every woman deserves a comfortable, efficient breast reconstruction journey and the highest quality of life possible following a mastectomy, and we believe that AeroForm® clearly provides an attractive and compellingly better alternative for this important patient group in a significant market.”