Axonics Modulation Technologies has developed a small implantable device that uses Sacral Neuromodulation technology designed to treat those suffering from overactive bladder, fecal incontinence and urinary retention.
The company announced today that it completed a $38.5 million Series B financing that will reportedly be used for a multi-center clinical study in both Europe and North America starting in early 2016.
According to the company, roughly 100 million people in the U.S. and Europe are challenged with having an overactive bladder, meaning they cannot sufficiently control urination, and 40 million with fecal control issues. This is clearly an issue that effects quality of life, and medications and physical therapy only helps so many people.
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Sacral Neuromodulation is the only approved solution that can treat both urinary and fecal incontinence with a single implant provided via a short surgical procedure, which functions with the help of external controls and chargers. The therapy uses mild electrical pulses to stimulate the sacral nerves located in the pelvis to modify activity.
Axonics was created in 2013 and has currently raised a total of $59 million. This Series B round included financing from new investors Advent Life Sciences, Cormorant Asset Management and Edmond de Rothschild Investment Partners. Existing investors NeoMed Management, based in Geneva, Beijing-based Legend Capital, a venture capital arm of Legend Holdings, Ltd., Valencia, CA-based The Alfred E. Mann Foundation and a select group of private individuals also participated.
Photo: Screenshot from Axonics Modulation Technologies
