Axonics Modulation Technologies | AXNX Stock | Med Tech Lays Out Terms for Its IPO

Axonics Modulation Technologies

Axonics Modulation Technologies, a medical technology firm that focuses on the design, development, and commercialization of innovative implantable sacral neuromodulation devices is planning to go public next week.

The company filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) earlier this month, saying that it wants to list on the Nasdaq Global Select Market.

On Monday, the company updated the prospectus, revealing that it will sell 6.667 million shares of its common stock at a price range of $14 to $16 per share.

Axonics has also given its underwriters an overallotment option to purchase an additional 1,000,000 shares. The company would command a fully diluted market value of $122.67 million at a price of $16 per share.

Shares of the Irvine, CA-based firm will list under the ticker symbol “AXNX.” Morgan Stanley, Merrill Lynch, SunTrust Robinson Humphrey, and Wells Fargo are underwriting the offering.

Axonics has created an implantable neuromodulation device that can be recharged. The device is intended to stimulate the sacral nerve in order to treat urinary retention, overactive bladder, and fecal incontinence. It has already been approved for sale in Australia, Europe, and Canada.

Axonics also expects to submit a PMA application to the U.S. Food and Drug Administration (FDA) for UUI, a predominant OAB subtype, in Q1 of 2019. The company believes that its r-SNMSystem is capable of disrupting the global SNM market, which was valued at $605 million last year.

In its prospectus, the company describes itself as follows, “We are a medical technology company focused on the design, development, and commercialization of innovative and minimally invasive SNM solutions. SNM therapy is primarily used to treat patients with OAB, FI, and UR. Our r-SNM System delivers mild electrical pulses to the targeted sacral nerve in order to restore normal communication to and from the brain to reduce the symptoms of OAB, FI, and UR. We believe our proprietary r-SNM System offers significant advantages, including being the first and only rechargeable SNM system that is designed to be 60% smaller than existing technology and to last approximately 15 years.”

The company intends to use the net proceeds from the offering to hire sales and clinical support personnel; conduct SNM-related research and development activities, and for working capital and general corporate purposes.

Axonics was founded six years ago and is currently under the leadership of Chief Executive Officer Raymond Cohen. The CEO joined the company in 2013 and also holds leadership positions at Spectrum Pharmaceuticals Inc., BioLife Solutions Inc., Syncroness, Inc., Lombard Medical, and LifeWatch AG.

Several companies are likely to give Axonics stiff competition in its quest to take on the sacral nerve stimulation market. They include Medtronic, Neuropace, Nuvectra Corp., Cogentix Medical, IntraPace, Inc., Boston Scientific Corp., Cyberonics, and Synapse Biomedical.

Axonics Modulation Technologies, Inc. Profile

Axonics Modulation Technologies, Inc., a medical technology company, focuses on the design, development, and commercialization of sacral neuromodulation solutions (SNM) solutions. The SNM therapy is primarily used to treat patients with overactive bladder, fecal incontinence, and urinary retention.

The company was formerly known as American Restorative Medicine, Inc. and changed its name to Axonics Modulation Technologies, Inc. in August 2013. Axonics Modulation Technologies, Inc. was incorporated in 2012 and is based in Irvine, California. – Bloomberg