UroMems announced today that it added $8.3 million to its Series B financing round, bringing the total funds raised to $27.3 million.
Grenoble, France-based UroMems’ $27.3 million (€23 million) financing round had its first tranche completed in May 2020 but added the $8.3 million (€7 million) thanks to existing investors including Hil-Invent GmbH, Financière Arbevel, Wellington Partners, Bpifrance, via its FABS fund, Supernova Invest and btov Partners, according to a news release.
The additional funding in the Series B is earmarked to fund the final development, manufacturing and the first clinical trials of the eAUS active implantable medical device designed to compensate for sphincter insufficiency in patients with stress urinary incontinence (SUI).
“Our development strategy remains on track with the next major phase being the initiation of the first-in-human studies of our eAUS device, one of the most sophisticated devices in development for the treatment of SUI,” UroMems CEO & co-founder Hamid Lamraoui said in the release. “This additional capital positions us to continue advancing toward our goal of bringing our novel technology to this very large, underserved patient population. In addition to our ongoing preclinical work, we are executing market access initiatives, which confirm that the commercial opportunity for the eAUS is significant.
“We are grateful to our investor syndicate for their continued confidence and support of our mission.”