The Burrill Report

Axonics Modulation Technologies, launched in October 2013 by former senior management of Vessix Vascular, has raised $32.6 million in funding to develop a novel implantable neuromodulation technology to treat a number of clinical indications, including chronic pain and overactive bladder. The southern California-based medical device maker holds an exclusive license for the technology from The Alfred Mann Foundation, a non-profit medical research organization.

The series A funding came primarily from venture investors outside the United States. Paris-based private equity firm Edmond de Rothschild Investment Partners led the financing with participation by Geneva-based NeoMed Management, Beijing-based Legend Capital, and several private individuals.

Axonics will use the new capital to accelerate product development and fund a series of multi-center human clinical studies to establish the safety and efficacy of its patented neuromodulation system. Axonics Modulation has also established a European subsidiary to support planned European clinical studies and a commercial product launch that will likely first take place in Europe.

“We truly have the potential to take that technology foundation and rapidly commercialize a next-generation implantable neuromodulation platform to treat chronic pain via spinal cord stimulation and peripheral nerve applications,” says Raymond Cohen, CEO of Axonics.

Neuromodulation is one of the largest and fastest growing segments of the global medical device market. Although spinal cord stimulator devices have been around for more than 40 years, the field of neuromodulation is still in its relative infancy. 2013 global revenue approached $2 billion and is expected to triple, reaching $6 billion by 2020, according to the company. Spinal cord stimulation—implantable devices to treat patients with chronic pain—currently accounts for more than 60 percent of the market. It is estimated that 20 percent of adult Americans, about 60 million people, experience chronic pain.


March 27, 2014
http://www.burrillreport.com/article-axonics_raises_32_6_m_for_implantable_neuromodulation_technology.html