Galway-based Atlantic Therapeutics raises €28m to enter US market
Backers include LSP, Andera, Atlantic Bridge Ventures, Seroba Lifesciences and Earlybird
Innovo is a neuromuscular electrical stimulation device that treats urinary and faecal incontinence in a non-invasive manner
Irish medtech company Atlantic Therapeutics has raised €28 million in investment ahead of a move into the US, just months after receiving FDA approval for its flagship Innovo technology platform.
The Galway-headquartered company develops medical devices, related software, apps and connected health technologies, to treat incontinence, sexual-health dysfunctions and other associated disorders by strengthening muscles and modulating nerves of the pelvic floor.
The latest fundraising round was led by LSP, ones of Europe’s largest healthcare investment firms. Other backers included Andera Partners, Atlantic Bridge Ventures, which participated via its China-Ireland growth technology fund, and Irish VC firm Seroba Lifesciences and Earlybird, who together co-led a €15 million fundraise for the company in early 2017.
Atlantic said it intends to use the additional funding for its next growth phase, which includes entering the US.
The company received approval from the US Food and Drug Administration (FDA) for Innovo in November.
Innovo is a neuromuscular electrical stimulation device that treats urinary and faecal incontinence in a non-invasive manner.
Atlantic is a spin-out from Galway-based Bio-Medical Research Group, the company behind the well-known body toning belt product Slendertone. It retains a minority shareholding in Atlantic.
“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,” said chief executive Steve Atkinson.
“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,” he added.