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SYDNEY

AirXpanders Inc. is pleased to announce the opening of its fully underwritten Initial Public Offering (IPO) to raise AU $36.5 million.

AirXpanders is offering approximately 73 million CDIs in the company, to be listed on the Australian Securities Exchange at AU $0.50 /CDI, with an indicative market capitalisation of approximately AU$113 million (on a fully-diluted basis).

AirXpanders is a US-based medical device company focused on the design, manufacture, sale and distribution of its AeroForm® tissue expander. Tissue expanders are used in breast reconstruction procedures following mastectomy to expand and stretch the skin and underlying muscle prior to the placement of a permanent breast implant.

Tissue expansion via traditional saline-based expanders is described by patients as an unpleasant, painful and time-consuming procedure. Patients must regularly attend the surgeon’s office over a period of weeks or months to receive a series of saline injections through the breast region and into the tissue expander.

AirXpanders’ tissue expander (AeroForm®) is needle-free, and activated by a patient controlled wireless remote control. To date, in clinical trials and commercial settings with multiple leading Australian and US breast reconstruction surgeons, AeroForm® has been successfully used in more than 350 patients, providing needle-free, faster and less painful tissue expansion with a significantly reduced need for surgeon office visits.

AeroForm® is approved for sale in Europe and Australia. AirXpanders recently commenced the market launch of AeroForm® in Australia, with promising early results. AirXpanders is moving to a full market release over the balance of the year. In the US, AirXpanders is expecting results from its pivotal trial shortly and plans to submit to the FDA for marketing approval in mid-2015.

Subject to receiving marketing clearance, AirXpanders is aiming to commercialise AeroForm® in the U.S. from early 2016. The use of AeroForm® is already covered by existing reimbursement regimes in both Australia and the US.

In the US alone, the addressable market for tissue expanders is approximately 350,000 units per year. Major efforts are underway to improve the visibility of women’s options and AirXpanders is fully committed to playing its part in helping inform women of their choices.

“We are pleased to invite investors to share in AirXpanders’ exciting future as we scale up our manufacturing capacity and our sales and marketing infrastructure to undertake a full commercial launch of AeroForm® in both Australia and the US,” said Scott Dodson, AirXpanders President and Chief Executive Officer.

“We believe that every woman deserves a comfortable, efficient breast reconstruction journey and the highest quality of life possible following a mastectomy, and that AeroForm® is the best innovation in tissue expanders in decades. As a result, we consider that AeroForm® provides an attractive and compelling new alternative for this important patient group in a significant market.”

The IPO is fully underwritten by Canaccord Genuity.

The offer of AirXpanders’ CDIs is made under a Prospectus lodged with the Australian Securities and Investments Commission (ASIC) on 11 May, 2015. Copies of the Prospectus are available on the IPO website at www.airxpandersIPO.com.

For further information about AirXpanders and the Initial Public Offering, please refer to the Prospectus. Potential investors should consider the Prospectus in its entirety before making a decision whether to apply for CDIs.

Any capitalised term used but not defined in this document has the meaning given to it in the Prospectus.

If you have any questions in relation to the Public Offer, please call the Offer Information Line on:
1300 634 423 (within Australia)
+61 3 9415 4624 (outside Australia)

About AirXpanders:

Founded in 2005, AirXpanders is a medical device company focused on the design, manufacture, sale and distribution of its AeroForm® tissue expander used in patients undergoing breast reconstruction following mastectomy. AeroForm® uses controlled delivery of small amounts of gas (CO₂) to achieve tissue expansion prior to the placement of a permanent breast implant. AeroForm® successfully eliminates the need for needle-based expansion required by traditional saline tissue expanders and provides a faster and less painful breast reconstruction journey. AeroForm® has CE Mark and TGA approval and is covered by the Australian reimbursement regime. To date, AeroForm® has been successfully implanted more than 500 times in women in Australia and the United States. For more information, refer to the Company’s website at www.airxpanders.com.

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