Axonics Modulation Technologies, a US-based medical device developer backed by conglomerate Legend Holdings, obtained $40.1m on Tuesday, split between $20.1m in equity and a $20m credit facility.
The equity round was led by Longitude Capital and also featured Gilde Healthcare, while the credit facility was provided by Silicon Valley Bank. Juliet Bakker, co-founder and managing director of Longitude, has joined Axonics’ board of directors.
Founded in 2011, Axonics has developed an implantable, rechargeable and remote-controlled neuromodulation system, dubbed r-SNM, to patients suffering from urinary and bowel dysfunction.
The capital will enable Axonics to launch its product in Europe and the US, following approval by local regular Food and Drug Administration. Axonics is currently undertaking a study in several medical centres in the US and Europe, expected to conclude later this year.
Legend Capital, the venture capital affiliate of Legend Holdings, previously backed a $35m series C round raised over two tranches in 2017. The round closed after Gilde, CICA, Cormorant Asset Management and private investors supplied a $20.5m extension in July.
The initial $14.5m in funding had been supplied by Legend Capital, Edmond de Rothschild Investment Partners, Advent Life Sciences, Cormorant, NeoMed Management and individual investors in May.
Legend Capital had already backed a $32.6m series A round in 2014 alongside NeoMed Management and various angel investors, returning for a $38.5m in a series B round led by Rothschild, with further participation from Cormorant, Advent Life, NeoMed, Alfred Mann Foundation and assorted private investors.