AirXpanders, Inc. (ASX: AXP) (AirXpanders or Company), a medical device company focused on the design, manufacture, sale and distribution of the AeroForm Tissue Expander System, today announced it successfully closed in August 2018 its underwritten, pro rata, non-renounceable rights offering to raise approximately A$15.7 million (Rights Offering), along with a U.S. Placement to raise approximately A$4.6 million, equivalent to a total of approximately $15.0 million USD before transaction costs.

Under the Rights Offering on the Australian Securities Exchange (ASX), eligible securities holders in Australia and New Zealand of CHESS Depository Interests (CDIs) were invited to subscribe for fifteen (15) new CDIs for every sixteen (16) CDIs (or forty-five (45) new CDIs for every sixteen (16) shares of common stock in the Company). All unsubscribed rights were issued to Canaccord Genuity (Australia) Limited in accordance with the underwriting arrangements described in the U.S. prospectus (the final version of which was released to the ASX on August 7, 2018).

In addition, the Company raised additional funds of US$3.4 million (approximately A$4.6 million) in a separate private placement (the US Placement), US$3.3 million of which was invested by Vivo Ventures, and the remaining US$50,000 was invested by the Company’s Chairman of the Board and will be issued following stockholder approval.

All New CDIs under the Rights Offering and common stock purchased in the US Placement were issued in August 2018.

"We are delighted to have received such strong support and uptake of entitlements from both our institutional and retail shareholders in this Rights Issue and U.S. Placement," said Mr. Frank Grillo, President and CEO of AirXpanders. "We are confident of the outlook for the Company and the successful closing of our A$20.3 million raising places us in a sound financial position to deliver on our anticipated growth over the coming year.”

About AirXpanders:

Founded in 2005, AirXpanders, Inc. (www.airxpanders.com) designs, manufactures and markets innovative medical devices to improve breast reconstruction. The Company’s AeroForm Tissue Expander System is used in patients undergoing two-stage breast reconstruction following mastectomy. Headquartered in San Jose, California, AirXpanders’ vision is to be the global leader in reconstructive surgery products and to become the standard of care in two-stage breast reconstruction. AirXpanders is a publicly listed Company on the Australian Securities Exchange under the symbol “AXP.” AeroForm was granted U.S. FDA de novo marketing authorization in 2016, subsequent U.S. market clearance in 2017, first CE mark in Europe in 2012 and is currently licensed for sale in Australia.

Forward-Looking Statements

This announcement contains or may contain forward-looking statements that are based on management’s beliefs, assumptions and expectations and on information currently available to management.

All statements that address operating performance, events or developments that we expect or anticipate will occur in the future, including those related to the use of proceeds, cash forecast and anticipated growth of the Company’s business are forward-looking statements. These include, without limitation, risks and uncertainties related to market conditions and the satisfaction of customary closing conditions related to the Rights Offering and the US Placement, and additional business risks included in the Company’s periodic reports filed with the SEC.

Management believes that these forward-looking statements are reasonable when made. You should not place undue reliance on forward-looking statements because they speak only as of the date when made. AirXpanders may not actually achieve the plans, projections or expectations disclosed in forward-looking statements. Actual results, developments or events could differ materially from those disclosed in the forward-looking statements. For additional information and considerations regarding the risks faced by AirXpanders that could cause actual results to differ materially, see its most recent Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission on July 31, 2018 (U.S. time), and in the Registration Statement on Form S-1 (including the final prospectus) related to the Rights Offering, including under the caption "Risk Factors" as well as other periodic reports filed with the SEC from time to time. AirXpanders disclaims any obligation to update information contained in any forward-looking statement, except as required by law.

For more information, refer to the Company’s website at www.airxpanders.com.

AirXpanders, Inc.Frank Grillo, +1 650-390-9000President & CEOfgrillo@airxpanders.comorInvestors:WE BuchanKyahn Williamson, +61 (3) 9866 4722 / + 61 (0)401018828kwilliamson@buchanwe.com.au

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