Series B Investment of CHF 16 Million
July 5th, 2011 - MyoPowers Closes Series B Investment of CHF 16 Million. Truffle Capital Leads Round, Joining Novartis Venture Funds and other Series A Investors to bring Artificial Sphincter Technology to Market
LAUSANNE, SWITZERLAND - July 5, 2011: MyoPowers Medical Technologies SA, a Swiss medical device startup developing artificial muscle technologies to treat sphincter dysfunction and incontinences, announced today that it has closed a CHF 16 million Series B investment round led by Truffle Capital. Series B investors include Swiss-based investment firm, BlueOcean Ventures and two private investors. All Series A investors, including Novartis Venture Funds, Gran Plasa SA and Initiative Capital Romandie, participated in this round of funding.
Philippe Pouletty, MD, General Partner of Truffle Capital, said, “Myopowers has the potential to solve a major medical problem affecting the well being of millions of patients with a very well designed proprietary device.” He joins MyoPowers board of directors.
According to the Chairman of the Board, Ivan Csendes, “The addition of Truffle Capital to the board, our Series B investors and the successful fundraising, positions MyoPowers as an upcoming major player to watch in the incontinence sector.”
“This series B investment which attracted new high calibre investors and the fact that all our Series A investors participated in this round, is testimony to their confidence in our technology and team,” said the CEO, Martin Horst. “These funds will help us bring our technology to the market in Europe. We are very grateful to our investors, board of directors and advisory board for their ongoing support.”
Since raising its first CHF 5 million round of Series A funding in May 2010, MyoPowers has finalized its management team, received ISO 13485:2003 certification and strengthened its board of directors. The company is preparing for clinical trials to obtain CE mark in Europe.
MyoPowers Medical Technologies SA was founded by Dr Piergiorgio Tozzi, MD, of the University Hospital of Lausanne (CHUV), Switzerland and Professor Daniel Hayoz of the Cantonal Hospital of Fribourg and the CHUV. Capitalizing on their long experience in surgery, vascular medicine, and innovative device development, they have developed a unique artificial muscle technology. MyoPowers’ initial focus is on the application of this proprietary technology in the development of artificial muscles for the treatment of severe incontinences. For further information, please visit www.myopowers.com.
About Novartis Venture Funds
Novartis Venture Funds, established in 1996, currently has over $750 million under management and is invested in more than 65 private companies. Novartis Venture Funds invests in companies that have the potential to lead the next innovation wave in core therapeutic fields or explore new business areas that will be critical to patient care. The NVF team of ten investment professionals located in Basel, Switzerland and Cambridge, MA, brings together extensive experience in R&D and venture capital. For further information, please visit www.venturefund.novartis.com.
About Truffle Capital
Founded in 2002 in Paris, Truffle Capital is a leading independent European private equity firm dedicated to investing in and building technology leaders in the IT, life sciences and energy/sustainable development sectors. With €460 million in managed funds, Truffle Capital is led by a team of four partners (Jean-François Fourt, Henri Moulard, Philippe Pouletty and Bernard-Louis Roques) with decades of successful investment and entrepreneurial experience in both Europe and North America. Truffle Capital aims to achieve superior financial returns by leveraging its industry knowledge, extensive network, operational experience and focus on spin-outs to identify business opportunities that match latent market needs. For further information, please visit www.truffle.com.
About BlueOcean Ventures
BlueOcean Ventures is a Geneva-based investment company with a focus on Swiss high technology companies that are in a relatively early stage of development with superior international potential. BlueOcean investors are attracted by the potential and reputation of Swiss-made products and eager to benefit from a high-return asset category in a safer-than-usual environment. For further information, please visit www.blueocean-ventures.com.
About Initiative Capital Romandie (ICR)
ICR is a Swiss venture capital fund managed by DEFI Gestion SA, a Lausanne based private equity fund advisor. ICR was founded in 2006 by four partners: Retraites Populaires Vie, Banque Cantonale Vaudoise, Centre Patronal and Etablissement Cantonal d’Assurance. ICR supports high-tech start-ups based in the French part of Switzerland. For further information, please visit www.defigestion.ch.
About Gran Plasa SA
Gran Plasa SA, a private fund based in Fribourg, Switzerland, invests in high-tech, construction, and real-estate companies in Switzerland and across Europe.