Financing will support the expansion of Atlantic Therapeutics’ commercialisation activities from its Co Galway base.
Atlantic Therapeutics, a Galway medtech firm pioneering a non-invasive wearable treatment for urinary incontinence has raised €2m in investment from the Western Development Commission.
This is the largest single investment the WDC Investment Fund has made to date and is complemented by returning investors Seroba Life Sciences, Earlybird, LSP, Andera Partners and Atlantic Bridge, which has continued its ongoing support for Atlantic Therapeutics with a substantial undisclosed investment.
“Atlantic Therapeutics is our 35th life science investment making the WDC Investment Fund one of the largest medtech/lifescience investors in the country”
The financing will support the expansion of the company’s commercialisation activities in the core US and UK markets for its INNOVO technology to treat urinary incontinence.
Offering hope for many women worldwide
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.
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.
“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,” said Atlantic Therapeutics CEO Susan Trent.
“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,” said Trent.
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.
“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,” said Gillian Buckley, investment manager at the Western Development Commission and chair of the Irish Venture Capital Association.
“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.”
The CEO of the Western Development Commission Tomás Ó Síocháin added: “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.”
Pictured in main image: Anthony Cheung, VP of Finance at Atlantic Therapeutics with Gillian Buckley, investment manager at the Western Development Commission
By John Kennedy (firstname.lastname@example.org)
Published: 16 February 2021