Irvine-based Axonics Modulation Technologies Inc. (Nasdaq: AXNX) will sell 4 million shares at $32.50 apiece in an offering that closes May 12.
Proceeds from the $130 million will fund commercialization of Axonics's r-SNM system in the U.S., Europe, and Canada. Healthcare providers globally are beginning to schedule procedures curtailed amid coronavirus work.
Axonics makes sacral neuromodulation products: minimally invasive devices that send electrical impulses to nerves in the lower back to treat incontinence and other dysfunctions of the bladder and bowel.
Its shares traded recently at about $35, more than double their level of three weeks ago and up 28% on the year, for a $1.2 billion market cap.
This week it reported quarterly net revenue of $26.3 million, up from net revenue of $1.1 million, year-over-year, in the first full quarter of results following FDA approval of the r-SNM system in November. Some 95% of the results came from the U.S.
Net loss was $14.6 million, from $13.1 million a year ago, due mainly to expanding sales teams, Axonics said.
Offering underwriters are B of A, Morgan Stanley and Wells Fargo. Underwriter option on the deal is 600,000 shares. Axonics had 34.5 million shares outstanding prior to the new stock.