Local company AxoGen begins trading on Nasdaq, raises $18 million

Source: www.virtualshareholdermeeting.com

Source: www.virtualshareholdermeeting.com

Progress Corporate Park tenant AxoGen, Inc. started trading on the Nasdaq stock exchange on Friday. In one day, AxoGen raised $18 million. AxoGen joins RTI Surgical, another Progress Corporate Park tenant, as one of few local companies that trade on the Nasdaq exchange.   

 By Anthony Clark | The Gainesville Sun

Alachua-based AxoGen started trading on the Nasdaq stock exchange Friday by issuing 6 million shares of common stock at $3 per share to raise $18 million.

The company makes peripheral nerve repair and reconstruction products from human donated tissue.

AxoGen stock had been trading on the Over the Counter Bulletin Board, a more restrictive exchange that sells securities only through registered brokers. Its stock symbol will remain AXGN.

The company will use net proceeds from the stock offering to expand product commercialization and marketing, further develop new products, and for working capital, according to a news release.

Trading opened at $3.25 per share Friday and closed at $2.98.

AxoGen was founded in 2002 with technology licensed from the University of Florida that was invented by Dr. David Muir of the McKnight Brain Institute. Muir developed a process of treating nerves with enzymes that target a protein that otherwise would prevent human donated nerves from regenerating. Prior to that, a patient received a nerve from another part of the body, leaving the patient with nerve damage there.

The company merged with LecTec Corp. in 2011, a publicly traded company, in a $13 million stock deal and closed last year on a $21 million private financing deal.

AxoGen reported $7.69 million in revenues in 2012. It joins RTI Surgical and Exactech among local companies that trade on the Nasdaq exchange.



Virginia MacKoul

Virginia is a graduate from the University of Florida's College of Design Construction and Planning with a degree in Sustainability and the Built Environment, and a minor in Urban Regional Planning. Virginia joined the Front Street team in 2011, as an intern. Upon graduation, Virginia joined the Front Street team full-time as the Director of Client Services. Ms. MacKoul’s addition furthers Front Street’s continued growth and expansion within Gainesville and other North Central Florida markets. She was promoted to Director of Marketing in 2014 and now manages the firm’s team of interns and oversees all marketing and branding activity. Virginia was born in Boston and moved to Lee County, Florida in 1997. Virginia graduated her high school's International Baccalaureate program and started at the University of Florida with a focus on Architecture. Virginia shares Front Street's passion of giving back to the community and those in need. Virginia's hobbies include photography, cooking, football, movies, music, and spending time with her dog, Brinkley.

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