** Axogen AXGN.O shares down 4.9% post-market to $31.38 after planned equity raise news

** Surgical device maker announces $85 mln stock offering

** It intends to use net offering proceeds for early payoff and termination of term loan facility with Oberland Capital, working capital, capex and other general corporate purposes

** Wells Fargo and Mizuho lead joint bookrunners

** Florida-based firm has 46.1 mln shares outstanding for about $1.5 bln market cap

** The U.S. FDA last month approved co's nerve repair graft, paving the way for up to 12 years of potential market exclusivity

** AXGN stock on Weds ended up 3.6% at $33.01. It has rallied about 83% over the past three months

** All 10 analysts are bullish on the stock; median PT $38, per LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))