Capital will fund completion of preclinical studies and initiation of the first clinical trial in patients suffering from stress urinary incontinence caused by sphincter insufficiency
Dr. Friedrich Hillebrand and Dr. Louis Geslin join Board of Directors
GRENOBLE, France, May 20, 2020 (GLOBE NEWSWIRE) — UroMems, developer and manufacturer of the electronic artificial urinary sphincter (eAUS), today announced the raising of €16 million, which included a combination of equity and debt financing. The proceeds of the financing are expected to fund ongoing preclinical studies and the initiation of the first clinical studies of UroMems’ eAUS device, which is being developed for the treatment of Stress Urinary Incontinence (SUI).
The eAUS is an active implantable medical device which compensates for sphincter insufficiency in patients with SUI. Protected by over 80 patents, it is based on the latest technologies in embedded intelligent systems and software.
The financing round was led by Hil-Invent GmbH, with co-investor Financière Arbevel. Existing UroMems investors, including Wellington Partners, Bpifrance, via its FABS fund, Cita Investissement, Supernova Invest and btov Partners also participated in this financing, as well as the Company’s founders. The debt financing was provided by a syndicate including Bpifrance, BNP Paribas, Caisse d’Epargne, Crédit Agricole and Banque Populaire.
About eAUS The eAUS is an electronic artificial urinary sphincter designed to overcome the limitations of current solutions by optimizing safety and performance, patient experience and surgeon convenience.
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