Edmond de Rothschild Investment Partners has led a $32.6m Series A funding round for Axonics Modulation Technologies, which is focused on developing implantable neuromodulation technology.
NeoMed Management, Legend Capital and private investors also participated in the round.
The company holds an exclusive license for its miniaturized implantable neuromodulation technology from non-profit medical research group The Alfred Mann Foundation.
Its lead products treat chronic pain and overactive bladder; markets that had total revenues of nearly $2bn in 2013.
Axonics CEO Raymond Cohen said, “We are encouraged that this group of world class investors recognizes the quality work done to date by AMF and the opportunity being created by the proven team of engineers and executives now in place at Axonics.
“We truly have the potential to take that technology foundation and rapidly commercialize a next-generation implantable neuromodulation platform to treat chronic pain via spinal cord stimulation and peripheral nerve applications.”
Last November Edmond de Rothschild closed its BioDiscovery 4 venture capital fund on €192m, making it 25 per cent larger than its previous vehicle.
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