Axonics raises $120 million via an Initial Public Offering on NASDAQ

Utrecht (The Netherlands), Cambridge (United States) - Axonics Modulation Technologies announced its Initial Public Offering and listing on the NASDAQ exchange. Shares in the IPO are issued to institutional investors in the US and Europe, raising gross proceeds of $120 million, representing one of the largest healthcare offerings in 2018. The offering priced in the mid-point of the range at $15/share, was oversubscribed and upsized from $100 million. The total market capitalisation of Axonics will be over $400 million and shares will trade under the ticker symbol AXNX.

The new funds enable Axonics to achieve FDA approval for its r-SNM system for the treatment of urinary urge incontinence using sacral nerve modulation therapy. Axonics' r-SNM will be the smallest device on the market, as well as the only rechargeable device with an implantable life of 15 years. When approved in the United States, Axonics plans to commercialize the product selling to hospitals and to urology practices. r-SNM is poised to be a new treatment option for patients in the existing $600 million market for sacral nerve modulation which represents the approximate 41,000 patients that get treated annually for urge incontinence. The current market represents a fraction of the available market which is 4 million people in the US and Europe.

In addition to ramping sales in the urinary urge incontinence market, Axonics will extend the r-SNM therapy to over-active bladder (OAB) and fecal incontinence (FI) which represent an additional 127 million people in the US and Europe.
Gilde Healthcare acted as lead investor in the Series C financing for Axonics and will remain represented on the board of Axonics post listing.

Bank of America Merrill Lynch and Morgan Stanley acted as Joint Bookrunners in connection with the IPO. Wells Fargo Securities and SunTrust Robinson Humphrey acted as co-managers.