US-based medical device developer Axonics Modulation Technologies increased a series C round that includes Legend Capital, the venture capital firm backed by diversified conglomerate Legend Holdings, to $35m today.
Gilde Healthcare, CICA, Cormorant Asset Management and undisclosed private investors provided $20.5m in funding for the round’s second close, and Gilde partner Geoff Pardo has joined Axonics’ board in conjunction with the investment.
The capital was added to $14.5m supplied by Legend Capital, Edmond de Rothschild Investment Partners, Advent Life Sciences, Cormorant Asset Management, NeoMed Management and unnamed individual investors in May this year.
Axonics is developing an implantable, rechargeable, remote-controlled neuromodulation system that can treat urinary and bowel dysfunction. The round will fund a pivotal clinical study for patients suffering from an overactive bladder.
The round took Axonics’ overall funding to almost $102m since it was founded in 2011. Legend Capital, NeoMed Management and various angel investors contributed to a $32.6m series A round in 2014.
The company then raised $38.5m in a series B round led by Rothschild that included Legend Capital, Cormorant Asset Management, Advent Life Sciences, NeoMed Management, Alfred Mann Foundation and various private investors.
– Image courtesy of Axonics Modulation Technologies, Inc.