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.