Atlantic Therapeutics Raises €28 Million Following FDA Approval for its INNOVO® Therapy Device to Treat Incontinence
Atlantic Therapeutics, the medical technology company developing garment-based pelvic floor muscle strengthening and nerve stimulation devices treating the cause of bladder leaks, announced (07.01.19) it has closed €28 million in Series B funding to continue its rapid growth trajectory.
Having recently gained FDA clearance for its INNOVO® therapy device, this latest round of funding will enable Atlantic Therapeutics to enter the US market, accelerate sales in other geographies, further develop its existing product portfolio, and expand into new clinical applications.
Atlantic Therapeutics’ Series B round was led by LSP, one of Europe’s largest healthcare investment firms, investing from its LSP Health Economics Fund 2. LSP was joined by Andera Partners, investing from its BioDiscovery 5 fund, and Atlantic Bridge Ventures, investing from the China-Ireland Growth Technology Fund. In addition, the company’s existing investors, Seroba Life Sciences and Earlybird Venture Capital, followed their investment.
“INNOVO® has already transformed the lives of many thousands of people in Europe,” said Steve Atkinson, CEO of Atlantic Therapeutics. “We are delighted to have completed our Series B financing with such renowned investors and look forward to working together to accelerate the growth and value of Atlantic Therapeutics.”
“Atlantic Therapeutics’ INNOVO® provides a safe, clinically proven front-line therapy, increasing the options for the treatment of stress urinary incontinence, with the potential to significantly improve quality of life,” said Anne Portwich, Partner at LSP.
“We are delighted to offer our financial, clinical and commercial support in helping this exciting company grow around the globe.”
About Atlantic Therapeutics
Atlantic Therapeutics develops professional and consumer medical devices, related software, apps and connected health technologies to treat all types of incontinence, sexual health dysfunctions, and other associated disorders by strengthening muscles and modulating nerves of the pelvic floor. INNOVO® from Atlantic Therapeutics is a unique, externally applied, patented CE device that delivers a safe, clinically effective and comfortable therapy to treat reversible clinical conditions associated with pelvic floor weakness in the comfort of the user’s own home. Learn more at: www.restorethefloor.com
LSP is an independent European investment firm, providing financing for private and public life sciences and healthcare companies. LSP’s mission is to connect investors to inventors, focusing on unmet medical needs. Since the late 1980s, the LSP team has invested in over 120 innovative enterprises, many of which have grown to become leaders of the global life sciences industry. With over €2 billion under management and offices in Amsterdam, Munich and Boston, LSP is Europe’s leading life sciences investor. The LSP Health Economics Fund 2 invests in innovative products that can increase the quality of health care, while reducing the cost of care. For more information, please visit: www.lspvc.com.
About Andera Partners
Andera Partners (previously Edmond de Rothschild Investment Partners) is a leading investor in minority investments into privately owned companies. The Management Company employs 56 people and has more than €2 billion under management. Its Life Sciences team of 12 professionals brings together deep experience both in the Life Science industry and in private equity and venture capital. The team has raised more than €800 million through its BioDiscovery franchise and is currently investing out of its €345 million BioDiscovery 5 fund. For more information, please visit www.anderapartners.com
About Atlantic Bridge Ventures
Atlantic Bridge is a Global Growth Equity Firm investing in technology companies in Europe, the US and China. With offices in London, Dublin, Munich, Palo Alto, Beijing and Hong Kong. Atlantic Bridge leverages its deep operational experience and unrivalled networks to help build growth stage technology companies into global market leaders. The China Ireland Growth Technology Fund focuses on investing in high-growth Irish technology firms with an ambition to access the Chinese market and is co-managed by Atlantic Bridge and WestSummit Capital in partnership with the Irish Strategic Investment Fund (ISIF) and China’s CIC Capital Corporation (CIC Capital). Learn more at www.abven.com .
About Seroba Life Sciences
Seroba Life Sciences is a life sciences venture capital firm, focused on investing in breakthrough healthcare technologies that promise to improve lives and make a difference worldwide. Headquartered in Ireland, Seroba works with some of Europe and the world’s best entrepreneurs developing innovative medical devices, diagnostics and therapeutic drugs. Learn more at: www.seroba-lifesciences.com
About Earlybird Venture Capital
Earlybird is a venture capital firm focused on European technology companies, both in Health Tech & Tech. Founded in 1997, Earlybird invests in all growth and development phases of a company, offering its portfolio companies not only financial resources, but also strategic and entrepreneurial support, including access to an international network and capital markets. Learn more at: www.earlybird.com
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