Axonics Modulation Technologies Completes $32.6M Series A
March 26, 2014
Axonics Modulation Technologies, a developer of implantable neuromodulation technology, has raised $32.6 million in Series A funding led by Paris-based Edmond de Rothschild Investment Partners, with participation from Geneva-based NeoMed Management, Beijing-based Legend Capital and a group of individual investors. The company's 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.
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 established a European subsidiary to support planned European clinical studies and a commercial product launch.