ZURICH, October 23, 2015 /PRNewswire/ --
Sequana Medical AG, a privately held medical device company focused on the development and commercialization of innovative implantable pump systems that manage excess fluid within the body, announced today that it has raised CHF 9 million ($9.3 million) in a Series C extension round. Existing investors including NeoMed Management AS, VI Partners AG, Biomed Invest AG, Capricorn Health-tech Fund, Entrepreneurs Fund and Life Science Partners participated for a total of CHF 5.3M, with a further CHF 3.7M raised from new investors including Salus Partners SA and Quest for Growth NV. Sequana Medical will use these funds to expand current business for its proven fluid management systems through new indications in heart disease and to pursue U.S. marketing approvals.
"This latest financing represents an important next step for Sequana Medical and we thank both our current investors as well as new participants, Salus Partners and Quest for Growth, for their endorsement of the Company's potential," said Noel L. Johnson, Ph.D., CEO of Sequana Medical. "While revenues generated from sales of Sequana Medical's alfapump® system, indicated for patients with late-stage liver disease and certain cancers, are being reinvested into further expansion in CE-Mark territories, the funds raised from the Series C extension round will allow us to expedite planned clinical trials in the U.S. and to investigate applications for the technology in heart disease."
Sequana Medical's alfapump system, which received CE Mark in 2011 and is currently available in 14 countries in Europe, the Middle East and South America, is an innovative, automated, fully implantable pump system for the management of ascites (fluid build-up in the abdomen), a frequent complication of late-stage liver disease and certain cancers. The alfapump system is the first real alternative to large-volume paracentesis, a lengthy, invasive and painful procedure that can require weekly hospital visits for drainage of excess fluid. By moving ascites to the bladder as it forms, where it is passed naturally from the body, the alfapump system prevents fluid build-up and its complications, improving patient quality of life and reducing hospital visits and healthcare costs. The alfapump DirectLink Technology allows clinicians to monitor and more effectively manage patients treated by the alfapump system.
Brian B. Hashemi, Ph.D., Managing Partner at Salus Partners, noted, "Sequana Medical has successfully brought its proven fluid management system into the market and we look forward to supporting the team as it expands into the U.S. and explores new indications".
Frank Bulens, Ph.D., of Capricorn Venture Partners, manager of the Quest for Growth fund as well as the Capricorn Health-tech Fund, added: "We are delighted to be able to make a new investment in Sequana Medical through an additional fund. Our commitment to Sequana Medical is a testimony to the maturation of the Company's commercial activities in Europe for its first indication, in our belief of management's ability to expand into the U.S., and of the Company's progress with regard to identification of additional, large indications for fluid management that provide valuable patient solutions and significant health economic benefit."
Note to Editors
About Sequana Medical:
Founded in 2006, Sequana Medical AG is a Swiss medical device company backed by NeoMed Management, VI Partners, Biomed Invest, Capricorn Venture Partners, Entrepreneurs Fund, Life Science Partners, Salus Partners and Quest for Growth, and is dedicated to improving patient lives through innovative technologies to manage fluid overload in patients suffering from liver disease, cancer and congestive heart failure. For more information please visit http://www.sequanamedical.com.
About NeoMed Management:
NeoMed Management is an international investment firm registered in Jersey, Channel Islands, with total capital under management in excess of $300 million that focuses exclusively on the healthcare products industry. NeoMed invests in all stages of development from start-up to later stage growth. Since inception in 1997, NeoMed has successfully invested in more than 40 innovative European and North American companies with outstanding growth prospects. For more information please visit http://www.neomed.net.
About VI Partners:
VI Partners is a Swiss venture capital firm that supports university spin-offs as well as other promising start-up companies with capital, coaching, consulting and networks. Venture Incubator was established by McKinsey & Company and the Swiss Federal Institute of Technology in Zürich (ETHZ), and started operations in 2001. Currently, VI Partners holds investments in more than 30 companies. Via the "Venture Incubator" fund VI Partners invests "Smart Money" to develop promising technology-based ideas for products and services into successful businesses. It now manages an investment fund of CHF 101 million. VI Partners investors represent 10 blue-chip enterprises from industry and finance. For more information please visit http://www.vipartners.ch.
BioMedPartners is one of the leading European venture capital firms providing private equity and mezzanine financing to early- and mid-stage healthcare and human life science companies. The BioMedInvest vehicle targets the entire industry with special focus on pharmaceuticals, biotechnology, diagnostics and medical technology. Based in Basel, BioMedPartners has successfully invested in more than 35 human life science companies over the last ten years, of which a large number have already been listed on the stock exchange or have been acquired by leading players in the pharmaceutical industry. For more information please visit http://www.biomedvc.com.
About Capricorn Venture Partners:
Capricorn Venture Partners is an independent European manager of venture capital and equity funds, investing in innovative European companies with technology as competitive advantage. It is based in Leuven, Belgium and licensed by the Financial Services and Markets Authority in Belgium. The Capricorn Health-tech Fund focuses on human health technology investments. Health technologies relate to the prevention, the diagnosis and the treatment of diseases. For more information please visit http://www.capricorn.be.
About Entrepreneurs Fund:
The Entrepreneurs Fund provides early stage and growth financing alongside active support to entrepreneurial teams. The Entrepreneurs Fund brings the long term perspective, experience and global outlook of a family business in its 5th generation. It is their ambition to create relationships that are valuable and valued, and to actively contribute more to those relationships. The Entrepreneurs Fund is the venture capital member of the COFRA Group. For more information please visit http://www.entrepreneursfund.com.
About LSP (Life Science Partners):
LSP (Life Sciences Partners) is one of Europe's leading investors in the health care sector. Over more than 25 years, LSP has built elaborate expertise in establishing and growing health care companies with a positive impact on society. In partnership with inventors and entrepreneurs LSP contributes to the translation of breakthrough concepts into products that benefit patients. LSP connects LPs to inventors with a dual goal: generating an interesting financial return and contributing to the quality of life. LSP's Health Economics Fund invests in innovative products contributing to a better and cheaper health care. For more information please visit the new LSP website: http://www.lspvc.com.
About Salus Partners:
Salus Partners is a Swiss investment and advisory firm that supports the development of the most promising health technology companies with potential to make a global impact in healthcare. Salus Partners offers truly independent investment advice with knowledge and access in the financial and healthcare sectors in partnership with the most promising entrepreneurs and investment managers who seek to generate sustainable financial returns while bringing good outcomes to society. For more information please visit http://www.saluspartners.com
About Quest for Growth:
QUEST FOR GROWTH, Privak (closed-end private equity fund), a closed-end undertaking for collective investment (UCI) under Belgian law. The diversified portfolio of Quest for Growth chiefly comprises investments in growth undertakings listed at European stock exchanges, European unlisted companies and venture capital funds. Quest for Growth focuses on innovative companies in areas such as information and communication technology (ICT), technologies for the healthcare sector (Health-tech) and clean technology (Cleantech). Quest for Growth has been listed on Euronext Brussels since 23 September 1998. For more information please visit http://www.questforgrowth.com.
Director of Marketing
emily.woodward [at] sequanamedical.com
Tel: +41 44 403 55 21
SOURCE Sequana Medical AG