Seroba portfolio company, Atlantic Therapeutics, has raised €28 million following FDA approval for its INNOVO® therapy device to treat incontinence.
Funding facilitates next growth phase, including geographic expansion to US and other markets, new product launches and expanded indications for the INNOVO® therapy platform.
Galway, Ireland, 7 January 2019. Atlantic Therapeutics, the medical technology company developing garment-based pelvic floor muscle strengthening and nerve stimulation devices treating the cause of bladder leaks, has announced that 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.”
Daniel O’Mahony of Seroba commented, “Since our initial investment, the company has achieved growth momentum, launched a ground-breaking new product and received an FDA De Novo clearance. It now has the capital to realise its full potential.”
For further information, please contact Vicky La Touche-Price at Seroba on +35316334028 or visit www.restorethefloor.com
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
About Seroba Life Sciences
Seroba Life Sciences is a European 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.