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Galway-based Medtech startup Atlantic Therapeutics has obtained €28 million in Series B funding following FDA’s green signal for its garment-based device that treats incontinence. The startup will utilise the fund in expanding its capacity and penetration in the market.
INNOVO – fights incontinence
Urinary incontinence is a common condition in women who suffer from the dysfunction at some point in their lives. The most common causes remain to be pregnancy, sport, stress and menopause. Men also suffer from the disorder, especially after prostatitis.
INNOVO is an innovative garment-based pelvic floor muscle strengthening and nerve stimulation device to treat incontinence. According to Atlantic Therapeutics, 93% of users observe an improvement in their condition after using INNOVO for a month.
Europe’s largest healthcare investor has participated
Atlantic Therapeutics has secured the latest funding from Europe’s largest healthcare investment firm LSP along with Andera Partners, Atlantic Bridge Ventures and existing investors. Earlier in 2017, the startup raised an €15 million investment from Seroba Life Sciences and Earlybird Venture Capital.
Anne Portwich, Partner at LSP expressed, “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. We are delighted to offer our financial, clinical and commercial support in helping this exciting company grow around the globe.”
Plans to enter the US market
After the FDA approval for INNOVO, Atlantic Therapeutics aims to enter the US market. Further, the recent round of funding has invigorated the startup to enhance its product ranges and expand internationally.
Steve Atkinson, CEO of Atlantic Therapeutics articulated, “INNOVO has already transformed the lives of many thousands of people in Europe. 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.”
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