US-based medical device producer Axonics Modulation Technologies has received $14.5m in series C funding from investors including Legend Capital, an investment arm of diversified conglomerate Legend Holdings.
Edmond de Rothschild Investment Partners, Advent Life Sciences, Cormorant Asset Management, NeoMed Management and assorted private investors also contributed to the round, which has a target size of $30m.
Incorporated in 2013, Axonics is working on small, implantable medical devices with technology licensed from Alfred Mann Foundation with which aims to alleviate urinary and faecal dysfunction.
The money will fund a clinical study for the technology in overactive bladder patients in the second half of 2017, with a view of gaining regulatory approval in the US. The company also hopes to expand internationally.
Rothschild previously led Axonics’ $38.5m series B round in late 2015, with participation from Legend Capital, Advent, Cormorant, NeoMed, Alfred Mann Foundation and various private investors.
Legend Capital, NeoMed and assorted angel investors had supplied $32.6m in series A funding in 2014.