Axonics Modulation Technologies, Inc., an Irvine, CA-based developer of miniaturized implantable Sacral Neuromodulation technology, completed a $38.5m Series B financing. Backers included new investors Advent Life Sciences and Cormorant Asset Management, and existing investors Edmond de Rothschild Investment Partners, NeoMed Management, Legend Capital, The Alfred E. Mann Foundation and a select group of private individuals. In conjunction with the funding, Shahzad Malik, M.D., of Advent Life Sciences, will join Axonics’s Board of Directors.
Axonics offers overactive bladder & fecal incontinence therapy. Millions of people around the world suffer from urinary and fecal dysfunctions. These conditions have been historically under-recognized and significantly underserved by the medical community.
Overactive bladder (OAB) is one of the most common forms of urinary dysfunction, characterized by an urgent need to void, frequent voiding, and incontinence. OAB is estimated to affect up to 100 million adults in Europe and the United States, of which 1 in 3 experience incontinence episodes.
Fecal Incontinence (FI) is characterized by the involuntary loss of solid or liquid feces. It affects affect over 40 million adults in Europe and the United States, of which 10% report severe symptoms impacting their quality of life.
Approximately 20 million adults in the United States suffer from dual incontinence, a combination of urinary and fecal incontinence.
OAB and FI symptoms can have a significant negative impact on a person’s psychosocial functioning and quality of life. People with OAB and FI often restrict their activities and/or develop coping strategies in an attempt to manage the shame and embarrassment associated with their symptoms. OAB and FI impose significant financial burdens on individuals, their families, and healthcare organizations.