Grenoble-based developer and manufacturer of the electronic artificial urinary sphincter (eAUS), UroMems has raised an additional €7 million in the second round of its Series B financing which was completed in May 2020.
The additional investment was provided by existing investors including Hil-Invent GmbH, Financière Arbevel, Wellington Partners, Bpifrance, via its FABS fund, Supernova Invest and btov Partners, bringing the total raised to €23 million.
The proceeds from this financing round will fund the final development, manufacturing and first clinical trials of UroMems’ eAUS device.
WHY IT MATTERS
UroMems aims to improve the quality of life of people worldwide suffering from untreated chronic conditions such as urinary incontinence by providing a solution that combines technologies in smart, digital robotic systems.
The eAUS is an implantable medical device, which compensates for sphincter insufficiency in patients with Stress Urinary Incontinence (SUI).
Designed by urologists and collaborating scientists and engineers, the UroMems eAUS will aim to offer a personalised standard of care by combining safety, efficacy, durability and ergonomics fitting an individual’s lifestyle and anatomy.
By providing a medical solution, UroMems aims to change the perception that these disorders are inevitable and simply conditions to endure as people grow older.
THE LARGER CONTEXT
In the past, femtech players have called out Facebook for rejecting women's health ads related to incontinence and other conditions related to aging and giving birth.
ON THE RECORD
Hamid Lamraoui, CEO and co-founder of UroMems, said: “Our development strategy remains on-track with the next major phase being the initiation of the first-in-human studies of our eAUS device, one of the most sophisticated devices in development for the treatment of SUI.
“This additional capital positions us to continue advancing toward our goal of bringing our novel technology to this very large, underserved patient population. In addition to our ongoing preclinical work, we are executing market access initiatives, which confirm that the commercial opportunity for the eAUS is significant. We are grateful to our investor syndicate for their continued confidence and support of our mission.”