Axonics Modulation Technologies, a US-based company developing implantable technology to treat chronic pain and other conditions, has closed a $32.6m series A round with investment from Legend Capital, which invests on behalf of China-based conglomerate Legend Holdings.
Venture capital firm NeoMed also participated in the round alongside individual investors.
Axonics holds the exclusive license for technology from The Alfred Mann Foundation (AMF), which has created miniature, implantable technology that Axonics plans to use to help in the treatment of chronic pain and overactive bladders.
Raymond W Cohen, chief executive of Axonics, said: “We are encouraged that this group of world class investors recognises the quality work done to date by AMF and the opportunity being created by the proven team of engineers and executives now in place at Axonics.
“We truly have the potential to take that technology foundation and rapidly commercialise a next-generation implantable neuromodulation platform to treat chronic pain via spinal cord stimulation and peripheral nerve applications.”
The investment will be used to speed up product development and fund multi-centre trials clinical trials.