Axonics® Announces Appointment of David M. Demski to Board of Directors

Rhea-AI Summary

Axonics Modulation Technologies, Inc. (Nasdaq: AXNX) appointed David M. Demski, a seasoned executive from Globus Medical, to its board of directors, effective January 1, 2021. Demski brings extensive experience in the medical technology field and is expected to contribute to Axonics' growth in the underpenetrated market for pelvic floor dysfunction treatment. The company also announced the retirement of board members Juliet Tammenoms Bakker and Erik Amble. CEO Raymond W. Cohen expressed enthusiasm over Demski's strategic insights as Axonics aims for ambitious growth targets.

Positive

• David M. Demski's appointment brings extensive medical technology experience.
• Demski's leadership is expected to enhance Axonics' strategic growth in the pelvic floor dysfunction market.

Negative

• Retirement of experienced board members may pose continuity concerns.

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 the appointment of veteran medical technology industry executive David M. Demski to its board of directors, effective January 1, 2021.

Mr. Demski currently serves as president and CEO of Globus Medical, Inc. (Nasdaq: GMED), a publicly traded medical technology company that manufactures and markets musculoskeletal implants and related surgical products, with sales in 2019 of over $750 million and a current market capitalization of over $5.9 billion. Mr. Demski has served as a member of the Globus board of directors since the inception of Globus in 2003. From 2003 until his appointment as CEO of Globus in 2017, Mr. Demski held various senior management positions at Globus, including chief financial officer, chief operating officer and president, Emerging Technologies. Mr. Demski received a B.S. in Business Administration from University of Michigan and an M.B.A. from Stanford Graduate School of Business.

Juliet Tammenoms Bakker, managing director at venture capital firm Longitude Capital, has retired from the board of directors effective December 11, 2020. Erik Amble, chairman of Swiss-based NeoMed Management and a founding venture capital investor in Axonics, will be retiring from the board effective December 31, 2020.

Mr. Demski said, "Axonics has done an outstanding job of executing on its business plan since the launch of its r-SNM product in the U.S. a year ago and I admire the company’s commitment to innovation for the benefit of patients, their families and clinicians. Axonics' technology advantage, distribution footprint and strong balance sheet provides the strategic foundation for significant future growth given the highly underpenetrated market for patients suffering from pelvic floor dysfunction. I am looking forward to serving on the board and working with the Axonics senior leadership team in the months and years ahead.”

Raymond W. Cohen, CEO of Axonics, said, "We are thrilled to welcome Dave to our board of directors. He has extensive leadership experience in medical devices and a proven track record of successfully acquiring and scaling emerging growth businesses. We look forward to benefiting from Dave's strategic insight as Axonics continues to execute on its ambitious growth objectives.”

Mr. Cohen continued, "We are grateful for the support and board service of Mr. Amble and Ms. Bakker, both of whom shared our vision of developing and commercializing a long-lived SNM device with the potential to change the lives of patients suffering from bladder and bowel dysfunction. On behalf of all Axonics stakeholders, I extend our sincere appreciation to Mr. Amble and Ms. Bakker."

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. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201214005157/en/

FAQ

What is the significance of David M. Demski's appointment for AXNX?

David M. Demski's appointment is significant for AXNX as he brings extensive leadership experience in medical technology, which may enhance the company's strategic growth objectives.

How might changes to the board of directors affect AXNX's future?

Changes to the board, including the appointment of new members, can impact AXNX's strategic direction and growth potential, especially as experienced members retire.

What are the upcoming goals for AXNX following the board changes?

Following the board changes, AXNX aims to leverage its technology and market presence to address the needs of patients with pelvic floor dysfunction.

When did the changes to AXNX's board of directors take place?

The changes to AXNX's board of directors, including the appointment of David M. Demski, are effective January 1, 2021.