Atlantic Therapeutics said yesterday that it raised a Series B round worth $32 million for the garment-based device it makes to treat stress urinary incontinence.
Innovo, an externally worn electrical muscle stimulation device, has CE Mark approval in the European Union and recently won de novo clearance from the FDA, Galway, Ireland-based Atlantic Therapeutics said. Clinical study results released last August showed that 87.2% of the Innovo group and 86.8% of the control group were in the dry or mild SUI categories at 12 weeks, representing an improvement of 32.7% for Innovo and 26.1% for the control group. The Innovo group reported no infections, compared with 7.7% for the control group.
The €28 million round was led by LSP Health Economics Fund 2, Andera Partners and Atlantic Bridge Ventures, joined by existing backers Seroba Life Sciences and Earlybird Venture Capital.
Atlantic said it plans to use the proceeds to enter the U.S. market with Innovo and accelerate sales in other areas. The company said it also plans to develop its existing portfolio and expand into new clinical applications.
“Innovo has already transformed the lives of many thousands of people in Europe,” CEO Steve Atkinson said in prepared remarks. “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,” added LSP partner Anne Portwich. “We are delighted to offer our financial, clinical and commercial support in helping this exciting company grow around the globe.”
($1 = €0.873150)