Leading Femtech Brand INNOVO Attracts Two New Investors
- INNOVO adds significant incremental investment for pioneering home-based treatment for stress urinary incontinence, a condition that impacts 1 in 3 women worldwide
- Netherland's Borski Fund backs female-led, femtech focused companies
- Largest single investment Ireland's Western Development Commission has made to date
- Financing will support the expansion of Atlantic Therapeutics commercialization activities into their core US & UK markets & beyond
GALWAY, Ireland, March 8, 2021 /PRNewswire/ -- Atlantic Therapeutics, the Galway-based company pioneering a non-invasive, wearable treatment for urinary incontinence, today announced it has raised significant new investment from the Borski Fund (Netherlands) and the Western Development Commission (Ireland).
The Borski Fund addresses the venture capital gender gap through investments in female-led and femtech companies, and their support for Atlantic Therapeutics is a strong endorsement of the progress made since the appointment of CEO Susan Trent in mid-2020. WDC Investment Fund's support for Atlantic Therapeutics is the largest investment the group 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 the company 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. Today, the market for disposable products to manage this life-limiting condition, such as pads and liners, is growing significantly worldwide. These non-curative, symptom-masking solutions carry a significant lifetime cost and are environmentally unsustainable. For the 1 in 3 women living with UI, INNOVO will offer a revolutionary solution to bladder leaks, helping them to break free from their daily reliance on pads and diapers.
Commenting in the investment, Simone Brummelhuis, Partner at the Borski Fund, said "While 51% of the world population are women, most innovations are male centric. Atlantic Therapeutics is not only addressing this underserved market head-on, with the INNOVO product it serves an unmet need of a very large group of women. The combination of respected pan-European investors, the medical and science based sustainable product and the vision and strategy of the team led by Susan delights us at Borski Fund in supporting Atlantic Therapeutics in their growth and international expansion."
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 lifescience 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 healthcare issue."
Atlantic Therapeutics CEO, Susan Trent commented: "We are thrilled to have such strong support from the Borski Fund and the Western Development Commission and I look forward to working closely with them on realising the incredible potential of our brand. We are a proudly female-led, female-focused company, and we are excited to be bringing the first-in-world INNOVO technology to several key global markets from our base in Galway. 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."
For further information or to arrange interviews, please contact Danny Forde, Director of External Relations, Atlantic Therapeutics dforde@myinnovo.com
NOTES FOR EDITORS:
About INNOVO®
INNOVO is an FDA-Approved, CE-marked 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 INNOVO shorts does the work to strengthen and re-educate their pelvic floor muscles, giving women the opportunity to live a leak-free life in as little as three months. Extensive exceptional clinical trial outcomes conducted on over 600 subjects consistently confirm improvements in key outcomes, symptoms and acceptability.
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 Borski Fund
The Borski Fund is an innovative Venture Capital fund. We invest in companies with diverse teams. We believe in diversity, gender equality and fair opportunities. We invest in the increasingly expanding group of ambitious female entrepreneurs because their talent must be better utilized, and because it is important that innovation originating from female entrepreneurs is stimulated. We help entrepreneurs to realize their ambitions by using our entrepreneurial experience and exposing them to an extensive network. Success has no gender.
About Western Development Commission
- The WDC is a State agency of the Government of Ireland 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.
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