UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 25, 2021
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(Exact name of registrant as specified in its charter)
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| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
(949 ) 396-6322
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Exchange Act:
| Title of class | Trading symbol | Name of exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | |||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01. Entry into a Material Definitive Agreement.
Agreement Relating to the Sale and Purchase of the Share Capital of Contura Limited
On February 25, 2021, Axonics Modulation Technologies, Inc., a Delaware corporation (the “Company”), and its wholly-owned subsidiary, Axonics Modulation Technologies, U.K. Limited, a company incorporated in England and Wales (the “Purchaser”) entered into the Agreement (the “Purchase Agreement”) with Contura Holdings Limited, a company incorporated in England and Wales (the “Vendor”), under which the Purchaser will purchase all of the issued and outstanding equity of Contura Limited (“Contura,” with the transaction constituting the “Acquisition”). Contura, headquartered in London, England, is a healthcare technology company that specializes in the distribution and sale of healthcare products (the “Products”) focused primarily in the fields of urology and urogynecology. Upon closing of the Acquisition (the “Closing”), Contura will become a wholly-owned subsidiary of the Company. The Closing occurred contemporaneously with signing the Purchase Agreement.
Pursuant to the Purchase Agreement, the Purchaser will (a) pay $141,250,000 in cash, subject to certain customary adjustments as contemplated in the Purchase Agreement, including adjustments for working capital, debt, W&I Insurance Policy (as defined below) premiums, Tail Insurance Policy (as defined below) premiums and a $4,500,000 escrow to address claims made under the warranties set out under the Purchase Agreement, if any (the “Escrow”) and (b) transfer 1,096,583 shares of the Company’s common stock, $0.0001 par value (the “Stock Consideration,” as further described in Item 3.02 below, which is incorporated by reference herein). The Escrow, less any amounts paid or reserved, is to be released to the Vendor in two tranches on December 31, 2022 and December 31, 2024. In addition to the consideration paid at Closing, the Vendor may receive $35 million in additional cash consideration if we achieve $50 million in sales with the Products in any consecutive 12-month period prior to December 31, 2024, as calculated under the Purchase Agreement.
The Purchase Agreement also contains customary warranties, indemnities, covenants and certain other matters, subject to specified caps and deductibles, including, without limitation, covenants requiring the Vendor and its key principals not to compete with Contura and covenants binding the parties to certain non-competition and non-solicitation obligations for a period of three (3) years from the Closing.
The Company has also agreed to file a prospectus supplement under the Company’s Registration Statement on Form S-3 (333-238064) by no later than March 25, 2021 to register for resale the Stock Consideration.
The foregoing description of the Purchase Agreement and the transactions contemplated thereby does not purport to be complete and is qualified in its entirety by reference to the complete text of such agreement. The Company will file the Purchase Agreement as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending March 31, 2021.
Loan and Security Agreement
In connection with the Acquisition, on February 25, 2021, the Company entered into a Loan and Security Agreement (the “Loan and Security Agreement”) with the lenders from time to time party thereto and Silicon Valley Bank, as the administrative agent and collateral agent for the lenders, under which the Company will obtain a loan in the principal amount of $75 million pursuant to a term loan advance (the “Loan”).
The Loan under the Loan and Security Agreement matures on February 1, 2024 (the “Maturity Date”), unless earlier accelerated upon an event of default. The Loan bears interest at a floating per annum rate equal to the greater of (a) 9.00% and (b) 5.75% above the Prime Rate (as defined in the Loan and Security Agreement), with only interest due and payable monthly until September 1, 2022, at which time interest and principal will be due and payable monthly in equal monthly payments. The Loan and Security Agreement also sets out that the Loan is subject to a final payment fee equal to 6.00% of the aggregate principal amount of the Loan. The Loan is secured by substantially all of the Company’s personal property (except for the intellectual property of the Company, more than 65% of the Company’s issued and outstanding equity interests in any foreign subsidiaries which entitles the holder to vote and certain interests in real property and equipment leases). After repayment, no amount of repaid principal may be reborrowed.
In the event the Company elects to prepay the term loans prior to the Maturity Date, the Company is required to pay a fee in the amount of (a) 2.00% of the outstanding principal balance if such prepayment occurs prior to February 25, 2022 or (b) 1.00% of the outstanding principal balance if such prepayment occurs on or after February 25, 2022.
The Loan and Security Agreement contains customary covenants that include, among others, covenants that limit the Company’s and its subsidiaries’ ability to dispose of assets, conduct mergers or acquisitions, incur indebtedness, incur certain liens, pay dividends or make distributions on the Company’s capital stock, make certain investments, and enter into certain affiliate transactions, in each case subject to customary exceptions for a credit facility of this size and type.
The Loan and Security Agreement contains customary events of default that include, among others, non-payment defaults, covenant defaults, a default in the event a material adverse change occurs, defaults in the event the Company’s assets are attached or the Company is enjoined from doing business, bankruptcy and insolvency defaults, cross-defaults to certain other material indebtedness, material judgment defaults, and inaccuracy of representations and warranties. The occurrence of an event of default could result in an increase to the applicable interest rate of 5.00%, acceleration of and present occurrence of the Maturity Date, and the consequent obligation for the Company to repay in full in cash all amounts outstanding under the Loan and Security Agreement, and a right by the
lenders to exercise all remedies available under the Loan and Security Agreement and related agreements, including the right to dispose of the collateral as permitted under applicable law.
The foregoing description of the Loan and Security Agreement and the transactions contemplated thereby does not purport to be complete and is qualified in its entirety by reference to the complete text of such agreement. The Company will file the Loan and Security Agreement as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending March 31, 2021.
Manufacturing and Supply Agreement
In connection with the Acquisition, on February 25, 2021, the Company’s newly acquired subsidiary, Contura, entered into a Manufacturing and Supply Agreement (the “Supply Agreement”) with Contura International A/S (“Contura International”). Pursuant to the Supply Agreement, Contura International will exclusively produce and supply Bulkamid®, a urinary bulking agent indicated for the treatment of female stress urinary incontinence, and the Bulkamid Urethral Bulking System (together, “Bulkamid”), to Contura for use in the field of bladder and bowel dysfunction in humans, and Contura will exclusively purchase Bulkamid from Contura International. The term of the Supply Agreement continues for eight (8) years from February 25, 2021, unless earlier terminated in accordance with the terms of the Supply Agreement, and may be renewed by mutual written agreement by the parties thereto. The Supply Agreement provides for customary reasons to terminate the Supply Agreement for cause with immediate effect. Further, Contura has the right to terminate the Supply Agreement for convenience with six (6) months’ prior written notice to Contura International.
Pursuant to the Supply Agreement, Contura will provide rolling forecasts to Contura International, initially for a one year period starting 180 days after the date of the forecast (the “Forecast”). The Forecast will include Contura’s monthly volume requirements for Bulkamid for the Forecast period. The Bulkamid volumes detailed for the six (6) months in each Forecast will constitute a firm order by Contura. The remaining period of the Forecast and all subsequent Forecasts will serve as estimates of Contura’s future requirements for Bulkamid and will not comprise a binding commitment by Contura to purchase the forecasted Product. Contura may deviate from forecasted volume requirements for Bulkamid by 25% with each updated Forecast. Contura has not agreed to the purchase of any minimum quantities under the Supply Agreement. The Supply Agreement is subject to certain maximum order quantities, depending on the relevant contract year.
Under the Supply Agreement, Contura International is responsible for obtaining and maintaining all necessary permits, licenses, approvals and authorizations required for the manufacture and supply of Bulkamid in accordance with the Supply Agreement.
The Supply Agreement provides a technology transfer option for Contura, pursuant to which, if exercised, Contura International shall transfer to and assist Contura with the transfer of all manufacturing know-how owned by Contura International and required to enable Contura to manufacture Bulkamid or have it manufactured by a third party (“Tech Transfer Option”). The Tech Transfer Option is subject to Contura complying with certain obligations and cannot be exercised prior to June 30, 2022, though certain know-how will be made available to Contura prior to that date.
Contura International may suspend its duties under the Supply Agreement if (a) Contura becomes, among other things, unable to pay its debts or becomes insolvent; (b) Contura is in material breach of any of its obligations under the Supply Agreement and that breach is capable of remedy but Contura has failed to remedy that breach within ninety (90) days after receiving written notice requiring it to remedy that breach; or (c) Contura fails to pay any amount due under the Supply Agreement on the due date for payment and does not pay such amount within 30 days of a notice to Contura.
The Supply Agreement also includes customary indemnification, intellectual property protection, confidentiality, remedies, and representations and warranties terms, as well as certain quality requirements.
The foregoing description of the Supply Agreement and the transactions contemplated thereby does not purport to be complete and is qualified in its entirety by reference to the complete text of such agreement. The Company will file the Supply Agreement as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending March 31, 2021.
Item 2.01. Completion of Acquisition or Disposition of Assets.
The information set forth under Item 1.01, “Agreement Relating to the Sale and Purchase of the Share Capital of Contura Limited” is incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01, “Loan and Security Agreement” is incorporated herein by reference.
Item 3.02. Unregistered Sales of Equity Securities.
The disclosure set forth above in Item 1.01 with respect to the Stock Consideration pursuant to the Purchase Agreement is incorporated by reference herein. The Stock Consideration will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on the private offering exemption from registration provided by Section 4(a)(2) of the Securities Act, and Regulation D as promulgated thereunder, and in reliance on the representations, warranties and covenants of the Vendor set forth in
the Purchase Agreement in support thereof. The Stock Consideration will bear a legend restricting their further transfer or sale until they have been registered under the Securities Act or an exemption from registration thereunder is available.
Item 7.01. Regulation FD Disclosure.
On February 25, 2021, the Company issued a press release announcing its entry into the Purchase Agreement and the transactions contemplated thereby. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.
The information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. Such information shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
Item 8.01. Other Events.
On March 2, 2021, the Company issued 65,594 shares of its common stock, $0.0001 par value, to Micro Systems Engineering, Inc. (“MST”), pursuant to an effective shelf registration statement on Form S-3 (Registration No. 333-238064) and a related prospectus supplement filed with the Securities and Exchange Commission on March 2, 2021. The Company is issuing the shares in exchange for the provision of certain development services from MST. A copy of the legal opinion of K&L Gates LLP relating to the legality of the issuance of such shares of common stock is filed as Exhibit 5.1 hereto and a copy of the press release regarding the Company’s relationship with MST is filed as Exhibit 99.2.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 5.1 | ||||||||
| 23.1 | ||||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 104 | Cover Page Interactive Date File - the cover page XBRL tags are embedded within the Inline XBRL document. | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AXONICS MODULATION TECHNOLOGIES, INC. | ||||||||||||||
| Date: March 2, 2021 | By: | /s/ Raymond W. Cohen | ||||||||||||
| Raymond W. Cohen | ||||||||||||||
| Chief Executive Officer | ||||||||||||||
Exhibit 5.1
March 2, 2021
Axonics Modulation Technologies, Inc.
26 Technology Drive
Irvine, California 92618
Ladies and Gentlemen:
We have acted as counsel to Axonics Modulation Technologies, Inc., a Delaware corporation (the ”Company”), in connection with the proposed offering and sale by the Company of up to 65,594 shares of the Company’s common stock, par value $0.0001 per share (the “Shares”), pursuant to the Registration Statement (the “Registration Statement”) on Form S-3 (No. 333-238064) filed by the Company with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”), on May 7, 2020, which became automatically effective upon filing, the related base prospectus dated May 7, 2020 (the “Base Prospectus”), and the prospectus supplement dated March 2, 2021 (together with the Base Prospectus, the “Prospectus”). This opinion is being furnished to you in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act.
You have requested our opinion as to the matters set forth below in connection with the Registration Statement, the Prospectus and the offering of the Shares thereunder. For purposes of rendering these opinions, we have examined: (i) the Registration Statement; (ii) the Prospectus; (iii) the Amended and Restated Certificate of Incorporation of the Company and the Amended and Restated Bylaws of the Company; and (iv) the records of corporate actions of the Company relating to the Registration Statement, the Prospectus and matters in connection therewith. We have also made such other investigation as we have deemed appropriate. We have examined and relied upon certificates of public officials and, as to certain matters of fact that are material to our opinions, we have also relied on a certificate of an officer of the Company. In rendering our opinions, we have also made assumptions that are customary in opinion letters of this kind. We have not verified any of those assumptions.
Our opinions set forth below are limited to the Delaware General Corporation Law.
Based upon and subject to the foregoing, it is our opinion that the Shares are duly authorized for issuance by the Company and, when issued and paid for as described in the Prospectus, will be validly issued, fully paid and nonassessable.
We hereby consent to the filing of this opinion letter as an exhibit to the Company’s Current Report on Form 8-K and to the reference to this firm in the Prospectus under the caption “Legal Matters.” In giving our consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations thereunder.
| Yours truly, | ||||||||||||||
| /s/ K&L Gates LLP | ||||||||||||||
| K&L Gates LLP | ||||||||||||||
Exhibit 99.1
Axonics® Expands into Stress Urinary Incontinence with the Acquisition of Bulkamid®
Combination creates a global leader for incontinence solutions
Acquisition of Bulkamid is expected to be immediately accretive to Axonics
IRVINE, Calif. – February 25, 2021 – Axonics Modulation Technologies, Inc. (Nasdaq: AXNX), a medical technology company that has developed and is commercializing novel implantable sacral neuromodulation (SNM) devices for the treatment of urinary and bowel dysfunction, today announced that it has acquired privately-held Contura Ltd. and its flagship product, Bulkamid, a best-in-class urethral bulking agent for women with stress urinary incontinence (SUI).
Axonics acquired London-based Contura Ltd. for total consideration of $200 million in cash and stock, and a potential future milestone of $35 million.
SUI is a large and highly underpenetrated market with a prevalence of an estimated 20 million women in the U.S. alone. It is a condition that afflicts women of all ages, with childbirth as one of the main contributing factors. SUI is caused by weakness in the pelvic floor, preventing the urethra from closing fully when sudden pressure is put on the bladder. This can allow urine to leak out during normal daily activities such as coughing, laughing, exercising or lifting an object.
Bulkamid is a next generation hydrogel that is injected into the urethral wall in a minimally invasive, office or outpatient facility procedure, to restore the natural closing pressure of the urethra. Bulkamid is clinically proven to retain its bulking characteristics and maintain efficacy for many years, providing women with long lasting relief of their SUI symptoms.
Bulkamid received CE Mark approval in 2003 and is a covered service from a reimbursement standpoint in most European countries. Sales in 2019 from international markets were approximately $12 million.
The U.S. Food & Drug Administration approved Bulkamid in early 2020. The product was introduced mid-2020 in a limited rollout that resulted in gaining several dozen accounts and $2 million in U.S. sales. Bulkamid is reimbursed by Medicare and commercial payors in the U.S.
Bulkamid is currently sold through a direct salesforce in the U.S., U.K., Germany, France, Nordic countries and in addition, through distributors in over 30 international markets around the world. In the United States, there are currently five sales professionals.
Raymond W. Cohen, CEO of Axonics, said, “This acquisition is highly synergistic, leverages our expansive commercial footprint and gives us the opportunity to expand our SNM business around the world. Axonics will provide urogynecologists and urologists with a complete suite of clinically differentiated incontinence solutions for their patients, thereby enhancing Axonics’ value proposition to new and existing customers. Interestingly, in many cases, the patient seeking treatment presents with mixed incontinence, meaning with both SUI and urge urinary incontinence symptoms. Similar to SNM, we see the highly underpenetrated SUI market as poised for significant and durable growth in the years ahead, driven by outstanding clinical results and increased patient awareness.”
Strategic Rationale
•Leverages commercial footprint. The acquisition of Bulkamid leverages Axonics’ existing commercial footprint of over 220 sales and clinical specialists in the U.S. and Europe that call on urogynecologists and urologists. Axonics can now offer customers best-in-class solutions for patients with various types of overactive bladder and SUI.
•Clinically differentiated SUI solution. Bulkamid is a unique, next-generation bulking agent that we believe addresses the shortcomings of existing particulate-based bulking agents while also offering an alternative to patients who desire to avoid sling surgery and instead opt for a minimally invasive solution. Bulkamid has generated extensive clinical validation and a strong safety profile, with over 70,000 women treated to date.
•Large, highly underpenetrated SUI market. An estimated 20 million women suffer from SUI in the U.S. alone, though the majority of women are unaware of treatment options and have not sought treatment. While Bulkamid is still in the initial phase of commercial development in the U.S., we believe there is significant demand for the product.
•Compelling financial profile. The acquisition of Bulkamid is expected to be revenue growth, gross margin, and operating margin accretive to Axonics in 2021 and beyond.
Transaction Details
•Total upfront consideration is comprised of $141,250,000 paid in cash and the issuance of 1,096,583 shares of Axonics stock.
•The upfront cash consideration is funded with a new $75 million term loan from Silicon Valley Bank and existing cash on the balance sheet.
•The $35 million milestone payment is subject to the achievement of $50 million of Bulkamid sales in any consecutive 12-month period prior to December 31, 2024.
•Axonics entered into a manufacturing agreement for the supply of the Bulkamid hydrogel. Axonics has rights to a technology transfer after June 30, 2022 that would enable Axonics to insource the manufacturing of Bulkamid.
Webcast and Conference Call
Axonics will host a conference call today, February 25, 2021, at 4:30 p.m. Eastern Time, to discuss the acquisition and fourth quarter 2020 financial results. Prior to the start of the conference call, a slide presentation on the Bulkamid transaction will be posted on the conference call webpage.
The live teleconference may be accessed by dialing 888-771-4371 (U.S.) or 847-585-4405 (International) and using passcode 50112306.
The live webcast of the conference call may be accessed by visiting the Events & Presentations section of the Axonics investor relations website. A replay of the webcast will be available shortly after the conclusion of the call and will be archived on the Axonics website for 90 days.
About Axonics Modulation Technologies, Inc.
Based in Irvine, Calif, Axonics has developed and is commercializing novel implantable SNM devices for patients with urinary and bowel dysfunction, and through its acquisition of Bulkamid, offers solutions for patients with stress urinary incontinence. These conditions significantly impact quality of life. Overactive bladder affects an estimated 87 million adults in the U.S. and Europe, and another estimated 40 million adults are reported to suffer from fecal incontinence/accidental bowel leakage. Stress urinary incontinence affects an estimated 20 million women in the U.S. Axonics’ clinically proven products are offered at hundreds of medical centers across the U.S. and abroad. Reimbursement coverage is well established in
the U.S. and is a covered service in most European countries. For more information, visit www.axonics.com.
Forward-Looking Statements
Statements made in this press release that relate to future plans, events, prospects or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. Words such as “planned,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. While these forward-looking statements are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in Axonics filings with the Securities and Exchange Commission, all of which are available online at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, Axonics undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.
Axonics contact:
Neil Bhalodkar
Neil Bhalodkar
949-336-5293
IR@axonics.com
Exhibit 99.2
Axonics® Announces Strategic Alliance for the Manufacture of New Non-Rechargeable Implantable Sacral Neuromodulation Device
IRVINE, Calif. – March 2, 2021 – Axonics Modulation Technologies, Inc. (Nasdaq: AXNX), a medical technology company that has developed and is commercializing novel implantable sacral neuromodulation (SNM) devices for the treatment of urinary and bowel dysfunction, today announced it has entered into a strategic alliance with Micro Systems Technologies (MST), a leading manufacturer of medical microelectronics.
MST currently manufactures printed circuit board assemblies for the Axonics r-SNM System in Lake Oswego, Oregon. This strategic alliance expands Axonics’ relationship with MST, with the parties collaborating on the non-rechargeable SNM device Axonics has developed and anticipates bringing to market following FDA approval.
Raymond W. Cohen, chief executive officer of Axonics, commented, “We have been working with MST for over half a decade and we have developed a strong relationship. As Axonics develops new SNM embodiments for the benefit of patients suffering from bladder and bowel dysfunction, working with an experienced, best-in-class contract manufacturer with proven implantable device experience and the ability to rapidly scale is critical to support our long-term growth objectives.”
The newly developed Axonics non-rechargeable implantable neurostimulator will be manufactured on the most advanced printed circuit board assembly line at Micro Systems Engineering, Inc., an MST company. The line leverages automation and an exceptional paperless traceability system to drive superior levels of throughput, yields and quality.
Christian Roessle, president of sales and marketing at MST, commented, “MST is proud to broaden our relationship with Axonics and is committed to continuing to provide the highest quality medical components and automated manufacturing capabilities. Our extensive experience in microelectronics and implantable technology, as well as our specialization in the production of hundreds of thousands of implantable devices, positions MST to provide excellent support to Axonics for years to come.”
About Axonics Modulation Technologies, Inc.
Axonics, based in Irvine, Calif., has developed and is commercializing novel implantable SNM devices for patients with urinary and bowel dysfunction. These conditions are caused by a miscommunication between the bladder and the brain and significantly impacts quality of life. Overactive bladder affects an estimated 87 million adults in the U.S. and Europe. Another estimated 40 million adults are reported to suffer from fecal incontinence/accidental bowel leakage. The Axonics SNM therapy, which has been clinically proven to reduce symptoms and restore pelvic floor function, is now being offered at hundreds of medical centers across the U.S. and in dozens of select hospitals in Western Europe. Reimbursement coverage is well established in the U.S. and is a covered service in most European countries. The Axonics System is the first long-lived rechargeable SNM system approved for sale in the world, and the first to gain full-body MRI conditional labeling. For more information, visit www.axonics.com.
About Micro Systems Technologies
Micro Systems Technologies consists of four high-tech companies that offer innovative components and services for medical devices and other high-tech industries that demand exceptional performance, quality and the highest levels of reliability. The globally active companies that constitute MST – Micro Systems
Engineering, Inc. (USA), DYCONEX AG (Switzerland), LITRONIK Batterietechnologie GmbH (Germany) and Micro Systems Engineering GmbH (Germany) – offer their customers integrated solutions ranging from initial design through to series production. For more information, visit www.mst.com
Axonics contact:
Neil Bhalodkar
Neil Bhalodkar
Investor Relations
949-336-5293
IR@axonics.com
MST contact:
Rob Crawford
Rob Crawford
Senior Director, MST Sales & Marketing
503-744-8607
rob.crawford@mst.com