Switzerland-based medtech company Sequana Medical has big plans for its newly-closed $26.2 million (CHF 23 million) Series C financing round, hoping to use the funds to widen its global sales and begin penetrating the U.S. market.
The company hopes to launch U.S. clinical trials of its alfapump device, a fully implantable bladder pump that continuously removes excess abdominal fluid in patients suffering from liver disease. The device won CE Mark approval in 2011 to sell in the European Union, and Sequana is looking to expand its commercial efforts globally, CEO Noel Johnson said in prepared remarks.
"Fluid overload in ascites and other indications is an area of significant unmet clinical need and represents more than a $1 billion market opportunity for Sequana Medical’s proprietary technology," Johnson said. "Our clinical and commercial experience to date has demonstrated that the alfapump system is safe and highly effective."
The Series C round was led by Life Science Partners and co-led by NeoMed Management, VI Partners, BioMedInvest, Entrepreneurs Fund and Capricorn Venture Partners, with NeoMed still the largest investor.