*NEWS: Axonics Modulation Technologies Files For IPO
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Irvine-based Axonics Modulation Technologies has filed for an IPO. Its filing states that it plans to raise approximately $86 million on the Nasdaq Global Market. The company has filed to trade as AXNX.
Axonics is venture-backed by such investors as BioDiscovery, Longitude Venture Partners, Cooperatieve Gilde Healthcare, the Alfred E. Mann Foundation for Scientific Research, Advent Life Sciences and NeoMed Innovation, among others.
Raymond Cohen is the CEO of Axonics. The medical device company is developing a platform based on miniaturized rechargeable technology. Its system, which uses sacral neuromodulation, is designed to improve the experience of those suffering from urinary and fecal dysfunction. Sacral neuromodulation uses mild electrical pulses to stimulate the sacral nerves located in the pelvis area to modify their activity and correct erroneous nerve messages.