Galway, IrelandAtlantic Therapeutics, the Galway-based company pioneering a non-invasive, wearable treatment for urinary incontinence, today announced it has raised €2 million from The Western Development Commission’s investment fund.
This is the largest single investment the WDC Investment Fund have made to date and is complemented by returning investors Seroba Life Sciences, Earlybird, LSP, Andera Partners and Atlantic Bridge, who continue their ongoing support for Atlantic Therapeutics with a substantial undisclosed investment.
The financing will support the expansion of the company’s commercialization activities in the core US and UK markets for its INNOVO technology to treat urinary incontinence. Also known as bladder weakness, urinary incontinence is a stigmatised condition that impacts one in three women worldwide, having a profoundly negative impact on quality and enjoyment of life.
Atlantic Therapeutics has established the INNOVO brand as the leading innovation in non-invasive, wearable neuromuscular electrical stimulation. The device acts to strengthen the pelvic floor and thereby treat the underlying cause of bladder weakness.
The technology has offered hope to millions of women worldwide whose only option to deal with bladder leaks has to been to use feminine hygiene pads.
The Western Development Commission’s €75m Investment Fund is an Evergreen investment fund, providing seed and venture capital and loan finance to SMEs, micro-enterprises, social enterprises and community projects across the Western Region. To date, it has invested in more than 200 enterprises supporting over 5,000 jobs and leveraging over a quarter of a billion investment for western enterprises.
Commenting in the investment, Gillian Buckley, Investment Manager at the Western Development Commission said: “The WDC Investment Fund has helped support the position of the West of Ireland as a start-up hub for indigenous medtech and life science companies building on the region’s reputation as a global centre of excellence. Atlantic Therapeutics is our 35th life science investment making the WDC Investment Fund one of the largest medtech/lifescience investors in the country. The WDC is an impact investor so we seek not only a financial return on investment but also seek a socio-economic impact. Atlantic Therapeutics offers both, it will support high quality jobs in Galway and Mayo as well as addressing a significant women’s heathcare issue.”
Atlantic Therapeutics CEO, Susan Trent commented: “We are thrilled to have such strong support from the Western Development Commission and I look forward to working closely with them on realising the incredible potential of our brand. This significant investment is a major vote of confidence in the potential and ambition of our company, and demonstrates our deep commitment to the West of Ireland. We are extremely proud to be bringing the first-in-world INNOVO technology to several key global markets from our base in Galway, one of the leading medical device hubs in the world. We firmly believe that INNOVO represents a paradigm shift in the $13bn urinary incontinence market when compared to the current sub-optimal choices. This investment will help us to accelerate global momentum for INNOVO, and allow us to amplify the launch of our next generation innovation later this year.”
Tomás Ó Síocháin, CEO of the WDC welcomed on the investment “The development of INNOVO is an opportunity to improve the quality of life for a huge number of women worldwide. More broadly, it continues to underline the strength of Galway as a global medtech hub, driving innovation and entrepreneurship and building resilience across the region.”
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For further information, please contact Vicky La Touche-Price at Seroba on +353 1 6334028.
About INNOVO®
INNOVO® is a treatment for women suffering from Stress Urinary Incontinence. It works by delivering clinically proven, safe, non-invasive pelvic-floor stimulation via unique wearable technology. In the privacy of their own home, women can simply pull on a pair of exercise shorts for a 30-minute pelvic floor workout. Innovative NMES (neuromuscular electrical stimulation) technology embedded in the shorts does the work to strengthen and re-educate their pelvic floor muscles, giving them the opportunity to live a leak-free life in as little as three months. Results of a clinical study demonstrated that 80%¹ of INNOVO® users experienced significant improvements after four weeks, and 87%2 were considered “dry” or “near dry” after three months. In the United States, INNOVO is FDA-approved for the treatment of female stress urinary incontinence.
About Atlantic Therapeutics
Based in Galway, Ireland and Boston, MA, Atlantic Therapeutics develops consumer medical devices, related software, apps and connected health technologies to treat all types of incontinence. The company’s mission is to improve the quality of life of millions of people each year, by enabling them to restore and strengthen their pelvic health, this regaining the confidence and control to lead and active lives. Atlantic Therapeutics has attracted both international VC investment and enterprise grant funding and is now poised to begin this exciting new phase of growth and establish itself as the leading Femtech solution provider to treat SUI. For more information, please visit www.myinnovo.com.
About Western Development Commission
- The WDC is an Irish State agency established under statute to foster and promote the economic and social development of the Western Region (Donegal, Sligo, Leitrim, Roscommon, Mayo, Galway and Clare).
- The work of the Western Development Commission focuses on investment, lending, regional development and policy analysis.
- The WDC is leading on The Atlantic Economic Corridor initiative. The AEC is an initiative to attract investment, support job creation and improve the quality of life in the West from Kerry to Donegal. This includes the Enterprise Hubs Project which is a 3-year project to create an interconnected community network from the 101 hubs identified as either operating or in development, in the AEC region.
About the WDC Investment Fund
- €75 million Evergreen investment fund for the Western Region
- The SME Investment Fund provides both equity investment and loan finance for small and medium-sized enterprises (SMEs) across a range of sectors.
- The Community Loan fund provides term loans and bridge finance to community projects and social enterprises in the Western Region.
- The Creative Industries Micro-Loan Fund is open to sole traders, partnerships, businesses, co-operatives and groups operating in the creative industries sector, and provides loan finance ranging from €5,000 to €25,000.
- The WRAP (Western Region Audio-visual Producers Fund provides investment to support film, television, animation and games.