$32.5 Million for Irvine Device MakerWednesday, March 26, 2014
Irvine-based Axonics Modulation Technologies Inc. said today it completed a $32.5 million first round of financing.
It’s developing implantable neuromodulator devices that can be used for treating various conditions, including overactive bladder and chronic pain.
Paris-based Edmond de Rothschild Investment Partners was the lead investor for the funding. Other investors include Geneva-based NeoMed Management and Beijing-based Legend Capital.
Axonics said it would use the money to accelerate product development and to fund clinical studies, as well as establish a European subsidiary.
The company’s chief executive, Raymond Cohen, is a well-known figure in Orange County device circles. Cohen and some of the other Axonics founders made up the senior management team of Vessix Vascular Inc., which Boston Scientific Corp. bought in 2012.