Axogen, the peripheral nerve repair company, said on September 10, 2026 that it had entered into a definitive agreement to acquire BioCircuit Technologies, an Atlanta medical device company, for $200 million in cash.
The full price will be paid at closing, subject to adjustments for cash, debt, transaction expenses and working capital. Axogen plans to pay for the deal with the net proceeds of a public offering of its common stock, announced at the same time.
The transaction is expected to close in the fourth quarter of 2026. One condition is that BioCircuit first spins out its electronics research and development business, so Axogen will take on the nerve repair products rather than the whole company.
What BioCircuit built
BioCircuit's main product is Nerve Tape, which Axogen describes as the first FDA-cleared device for sutureless peripheral nerve repair. Severed nerves are normally rejoined with microsutures, which is slow, fiddly work. Nerve Tape is an implantable wrap made from extracellular matrix with built-in nitinol microhooks, which lets surgeons align, connect and protect the nerve ends without stitching.
BioCircuit has published data claiming that Nerve Tape is 4.8 times faster than microsuture repair, with more than 94% of repairs done in under three minutes, and 2.6 times stronger. It has also reported a 97% rate of clinically acceptable alignment.
Beyond Nerve Tape, the company works on biomaterials, precision nitinol design and manufacturing, and bioelectronics, including electrode arrays for stimulation and recording. Axogen said those capabilities could support future nerve repair and neuromodulation products.
“NerveTape’s sutureless approach makes high-quality nerve repair simpler and more accessible for surgeons, and we believe it meaningfully advances our innovation agenda by adding a differentiated technology to simplify one of the most challenging aspects of nerve surgery.”
How Nerve Tape is used
BioCircuit has built a clinical education programme around the device, with in-person surgeon visits, webinars and specialty training, and supports preclinical studies and pilot trials on usability, imaging visibility and electrophysiology outcomes. Its research has shown that Nerve Tape can be located reliably on MRI and ultrasound after implantation, and a published study in breast reconstruction suggested it reduced repair time and improved repair quality.
Axogen said the simpler, faster procedure could make nerve repair accessible to a wider group of surgeons and care settings.
"We believe this transaction represents disciplined capital allocation and adds an attractive growth asset," Hartley said, adding that Axogen would keep its focus on cash generation. Axogen also highlighted BioCircuit's work in biomaterials, Nitinol design and bioelectronics as a base for further products in nerve repair and neuromodulation, beyond Nerve Tape itself.
Why Axogen is buying
Axogen sells nerve grafts and other products for repairing peripheral nerves. It plans to put Nerve Tape through its direct sales force, surgeon relationships, reimbursement teams and hospital contracts to speed up adoption.
"NerveTape's sutureless approach makes high-quality nerve repair simpler and more accessible for surgeons," said Michael Dale, Axogen's president and chief executive. Chief financial officer Lindsey Hartley said the company expects the deal to add to revenue growth, adjusted EBITDA margin and adjusted earnings per share in the first year after closing while remaining free cash flow positive.
BofA Securities is Axogen's financial adviser and Foley Hoag its legal adviser. Piper Sandler advised BioCircuit, with Jones Day as legal counsel.
The founders and the funding
BioCircuit, based on Peachtree Road in Atlanta, financed its development with a mix of venture money and federal grants. It announced the close of a $9 million Series Seed round, which it said would fund the commercial launch of Nerve Tape and future research. The National Institutes of Health later gave it a $2.4 million award to carry Nerve Tape through commercial launch and a further $3 million award to extend the product line.
Chief executive Michelle Jarrard called the deal the best outcome for patients, surgeons and all stakeholders, citing Axogen's commercial reach and reimbursement expertise.
What happens next
Assuming the deal closes in 2026, Axogen expects BioCircuit to add to its 2027 revenue and to be accretive to gross margin and adjusted EBITDA margin. Surgeons across the US are already using Nerve Tape, according to BioCircuit, which has announced first human implants and published clinical studies in areas such as breast reconstruction.
