Axonics Modulation Technologies Raises $38.5M

Irvine-based Axonics Modulation Technologies, which develops medical devices for treating overactive bladder and other issues, has raised $38.5M in a Series B funding. The funding came from Advent Life Sciences, Cormorant Asset Management, as well as Edmond de Rothschild Investment Partners, NeoMed Management, Legend Capital, The Alfred E. Mann Foundation and angels. Axonics said it has now raised a total of $59M. Axonics originally technology was licensed from the Alfred E. Mann Foundation. Axonics' medical device uses Sacral Neuromodulation to help treat overactive bladder, fecal incontinence and urinary retention.