Axonics Modulation Technologies readies $86M IPO

|About: Axonics Modulation Tec... (AXNX)|By:, SA News Editor

Irvine, CA-based Axonics Modulation Technologies (AXNX) has filed a prospectus for an $86M IPO.

The med tech company has developed an implantable rechargeable neuromodulation device that stimulates the sacral nerve as a way to treat overactive bladder, fecal incontinence and urinary retention. The system, called the r-SNM, delivers mild electrical pulses via a four-electrode lead inserted through the sacrum (triangular bone in the lower back between the two hip bones) during a brief surgical procedure. The pulse generator is implanted in the upper buttock area.

The device is currently approved for sale in Europe, Canada and Australia. A U.S. marketing application is on tap for Q1 2019.

2018 Financials (6 mo.)($M): Operating Expenses: 15.2 (+76.7%); Net Loss: (15.3) (-80.0%); Cash Burn: (14.0) (-66.7%).

Subscribe for full text news in your inbox