US-based medical device manufacturer Axonics Modulation Technologies has raised $38.5m in a series B round featuring Legend Capital, an investment arm of diversified conglomerate Legend Holdings.
Edmond de Rothschild Investment Partners led the round and was also joined by Advent Life Sciences, Cormorant Asset Management, NeoMed Management, Alfred Mann Foundation and a range of private investors.
Founded in 2013, Axonics produces small, implantable medical devices originally developed by Alfred Mann Foundation. The devices aim to help patients suffering from chronic pain and overactive bladders.
The series B cash will go towards a clinical trial in Europe and North America targeting patients with overactive bladders. The device has already been approved by US regulator Food and Drug Administration.
Shahzad Malik, general partner at Advent Life Sciences, will join Axonics’ board of directors.
Axonics obtained $32.6m in series A capital in March 2014 from Legend Capital, NeoMed and assorted individuals.