Medical technology company Axonics Modulation Technologies Inc (NASDAQ:AXNX) disclosed on Friday the completion of its public offering of 5,000,000 shares of common stock.

Under the public offering, the company issued the common stock at a price of USD22 per share for gross proceeds from the offering of approximately USD101m, before deducting underwriting discounts and commissions and estimated offering expenses.

This public offering consisted of 4,595,000 shares offered by the company and 405,000 shares offered by selling stockholders.

The company added that it has provided the underwriters with a 30-day option to purchase up to an additional 750,000 shares of its common stock on the same terms and conditions.

Hence, the company will not receive any proceeds from the sale of shares by the selling stockholders.

BofA Securities and Barclays acted as joint book-running managers for the offering and representatives of the underwriters.

Axonics stated that it has developed and is commercialising novel implantable rechargeable sacral neuromodulation (SNM) devices for the treatment of bladder and bowel dysfunction.