Atlantic Therapeutics, the Galway medical device developer of non-invasive pelvic floor strengthening and nerve stimulation products, has completed a €15m growth capital financing. Investors included Seroba Life Sciences and Earlybird Venture Capital, as well as loan capital from Silicon Valley Bank.
Atlantic Therapeutics has spun-out from its previous owner, Bio-medical Research Group (BMR), which retains a minority shareholding. The capital enables Atlantic Therapeutics to accelerate growth from its Innovo technology platform via market and geographic expansion and new product development.
CEO Steve Atkinson commented: “To have attracted such highly respected companies as Seroba, Earlybird and Silicon Valley Bank is a strong endorsement of Innovo. We have the opportunity to transform the lives of millions of people who suffer the stigma of bladder weakness by restoring their pelvic floors without the need for surgery, injections, lasers or intrusive devices and therapies.
“We will use this capital to conclude our clinical study in support of an FDA submission for US regulatory clearance, and to conduct further trials to expand the use of our technology to other indications.”
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Seroba partner Dr Daniel O’Mahony said: “Bladder weakness impacts the lives of millions of people worldwide, with urinary incontinence affecting one in three women. We are confident that Atlantic Therapeutics will be well-positioned to disrupt this market.
“Seroba is excited to co-lead this investment with Earlybird. The internationally syndicated investment is further testament to the strengths of the Irish medtech cluster in developing innovative product solutions to treat important medical conditions.”
Earlybird is a German VC fund and the Atlantic Therapeutics investment is the first for its new Earlybird Health-Tech-Fund. “As well as financial support, we hope that our experience and know-how in the medical device market will be beneficial to grow Atlantic Therapeutics,” said partner Thom Rasche.
BMR chairman Dr Bernard Collins said the spin-out will allow BMR to focus on its core consumer business of making electrical muscle stimulation toning products under the brands Slendertone and Flexbelt.
