Axonics Modulation Technologies completed a $40.1 million financing that combines a $20 million credit facility and $20.1 million in equity. Silicon Valley Bank provided the credit facility, while Longitude Capital and Gilde Healthcare provided the equity.

Axonics intends to use the proceeds from the financing to launch its r-SNM system in Europe and in the U.S., following FDA approval. Axonics is currently conducting a pivotal study in select medical centers in the U.S. and Europe and expects to complete the study in late 2018. The Axonics r-SNM system is currently approved in Europe, Canada and Australia.

“Axonics has created an innovative and highly competitive sacral neuromodulation system, and as a result, we have been able to attract a significant amount of investment capital from world-class investors in Europe, the U.S. and China,” said Raymond W. Cohen, CEO of Axonics. “With this new equity and the credit facility from SVB, we now have the necessary capital to successfully commercialize the r-SNM system.”

Axonics, based in Irvine, CA, is a privately-held venture-backed medical device company.