Axonics previously received Health Canada approval for its miniaturized rechargeable implantable neurostimulator, tined lead, patient and clinician programmers, charger and related accessories.
The External Trial System is an additional element of the Axonics r-SNM system used to help identify responders to Sacral Neuromodulation therapy prior to a permanent implant. It is composed of a temporary, single-use disposable external stimulator that is connected to either a Tined Lead or a temporary Peripheral Nerve Evaluation (PNE) Lead, depending on the preferred trial method.
Raymond W. Cohen, CEO, said, “This approval comes at the right time, as we begin commercial activities in Canada. While the Canadian SNM market has been limited historically, we believe that our small rechargeable neurostimulator, which features an expected in-body life of 15 years or more, will potentially spur market growth by bringing tangible benefits to patients and significant cost savings to the national health care system by eliminating the need to replace our competitor’s non-rechargeable device every three to five years.”
Axonics is currently conducting a 129-patient pivotal clinical study for urinary incontinence patients under a U.S. Food and Drug Administration (FDA) Investigational Device Exemption. The enrollment and implant phase was completed in late June 2018. The company anticipates filing a pre-market approval (PMA) application for FDA approval in the United States after the six-month post-implant endpoint has been reached.
On Nov. 2, Axonics completed an initial public offering, raising $120 million in gross proceeds from the offering. Common stock is now trading on The Nasdaq Global Select Market under the ticker symbol “AXNX.”
Overactive bladder (OAB) affects an estimated 85 million adults in the United States and Europe. Another approximately 40 million adults are reported to suffer from fecal incontinence. SNM therapy is an effective and durable treatment that has been widely used and reimbursed in Europe and the United States for the past two decades. It is estimated that well over 300,000 patients have benefited from the therapy to date. SNM is the only OAB treatment with proven clinical superiority to standard medical therapy and OAB patients who receive SNM report significantly higher quality of life than patients undergoing drug treatment.
Axonics, based in Irvine, Calif., is focused on development and commercialization of a novel implantable SNM system for patients with urinary and bowel dysfunction. The Axonics r-SNM system offers a temporary disposable external trial system, a minituarized and rechargeable long-lived stimulator that is qualified to function for at least 15 years and a tined lead, as well as patient-friendly accessories such as a charging system optimized for minimal charge time without overheating, a small, easy to use patient remote control and an intuitive clinician programmer that facilitates lead placement and programming.