Atlantic Therapeutics Group Ltd, the Galway-headquartered medical device developer of non-invasive pelvic floor strengthening and nerve stimulation products, has successfully completed a €15 million growth capital financing, enabling it to move forward with its next phase of growth and treat millions of people across the globe who suffer from bladder weakness, clinically known as stress urinary incontinence.
The funds come from a combination of venture capital investment from Seroba Life Sciences and Earlybird Venture Capital, as well as loan capital from Silicon Valley Bank. Dr Daniel O’Mahony from Seroba Life Sciences and Thom Rasche from Earlybird Venture Capital now join the board of Atlantic Therapeutics.
Atlantic Therapeutics has spun-out from its previous owner, Bio-medical Research Group Ltd (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.
Steve Atkinson, CEO of Atlantic Therapeutics, said: “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 accelerate the growth of our INNOVO® business with current and future generations of the product, 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.”
Dr Daniel O’Mahony, Partner with Seroba Life Sciences in Dublin, Ireland, said: “Bladder weakness impacts the lives of millions of people worldwide, with urinary incontinence affecting one in three women. Globally, this market is vastly underserved due to the dearth of treatment options for these patients.
“We are confident that Atlantic Therapeutics will be well-positioned to disrupt this market and timing could not be better as clinicians and sufferers are seeking safe, clinically effective solutions following the widespread reporting of complications associated with surgery. Seroba is excited to co-lead this investment with Earlybird and be involved in helping Atlantic Therapeutics to embark on its next phase of growth. 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.”
Thom Rasche, Partner at Earlybird in Berlin, Germany, said: “We are very proud to announce the investment in Atlantic Therapeutics, especially as it’s our first in the new Earlybird Health-Tech-Fund. INNOVO® has the potential to overcome the taboo of bladder weakness and become an international standard of care. 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.”
Dr Bernard Collins, Chairman of BMR, said: “The Atlantic Therapeutics spin-out will enable it to grow to its full potential and allow BMR to focus on its core consumer business. I now look forward to representing BMR as a non-executive director of Atlantic Therapeutics.”