Irvine, Calif.-based Axonics Modulation Technologies Inc., a company that has develops implantable rechargeable sacral neuromodulation (SNM) devices for the treatment of bladder and bowel dysfunction, reported the pricing of its public offering of 4 million shares of its common stock at a public offering price of $32.50 per share, before underwriting discounts and commissions. The gross proceeds from the offering to Axonics, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be $130 million. In addition, the underwriters have a 30-day option to purchase up to an additional 600,000 shares of common stock from Axonics on the same terms and conditions. The offering is expected to close on May 12, subject to the satisfaction of customary closing conditions. Axonics anticipates using net proceeds from the offering to support the commercialization of its r-SNM system in the U.S., Europe and Canada, to conduct SNM-related research and development activities and to fund the technological enhancement of its r-SNM system; and for working capital and general corporate purposes. BofA Securities, Morgan Stanley and Wells Fargo Securities are acting as the joint book-running managers for the offering and representatives of the underwriters. SVB Leerink and Needham & Co. are acting as co-managers for the offering.
Silk Road Medical Inc., of Sunnyvale, Calif., a company focused on reducing the risk of stroke, reported the closing of an underwritten public offering of 6,808,154 shares of its common stock at a public offering price of $39 per share. 1,923,076 shares in the offering were offered for sale by Silk Road Medical, and 4,885,078 million shares were offered for sale by certain selling securityholders. Gross proceeds from the offering to Silk Road were approximately $75 million. The selling stockholders granted the underwriters a 30-day option to purchase up to an additional 1,021,223 shares of common stock at the public offering price, less the underwriting discounts and commissions. Silk Road did not receive proceeds from the sale of its common stock by the selling securityholders. J.P. Morgan and BofA Securities acted as joint book-running managers of the offering. Citigroup also acted as book-running manager. Stifel acted as co-manager.