MyoPowers raises € 4.5M from Truffle Capital, Novartis Venture Fund and Gran Plasa
June 3rd, 2015 – Saint-Louis, France – MyoPowers, a French medtech company developing an artificial urinary sphincter to help patients suffering from stress urinary incontinence, announces today the closing of a € 4.5 million financing round with longstanding investors Truffle Capital, Novartis Venture Fund and Gran Plasa. The funds raised will be used to accelerate the development of ARTUS™, MyoPowers’ artificial urinary sphincter, in part by carrying through an important animal study, the first of its kind with this type of device.
Eric Rambeaux, CEO of MyoPowers, declared: “We’re extremely pleased with the trust shown by our existing investors, Truffle Capital, Novartis Venture Fund and Gran Plasa. Such support is a real recognition of MyoPowers’ innovative approach and the advances made in the development of ARTUS™, our artificial urinary sphincter, which has the potential to solve a major medical problem affecting the health of millions of patients, mostly women, around the world.”
This new financing round gives MyoPowers the opportunity to become a French company. The relocation of the company’s headquarters to France will allow MyoPowers to immerse itself into the French environment, in particular in the Alsace region, which is very favorable to innovative startups.
About Urinary Incontinence
Urinary incontinence (UI) is defined as an involuntary leakage of urine. Stress urinary incontinence (SUI), the most common type of UI, is due to weak pelvic floor muscles and / or a deficient urethral sphincter, causing leakage from the bladder while exercising, or even coughing, sneezing, laughing, etc. For women, there are multiple factors leading to SUI, including difficult childbirth, obesity, menopause, etc. As for men, SUI is a common side effect of radical prostatectomy, a common treatment for prostate cancer. SUI affects mostly women, who account for about 80% of patients. This very debilitating pathology mostly affects people who are generally healthy, plaguing them with a heavy financial, psychological and social burden. SUI is a major cause of social isolation.
Urinary Incontinence Data
Stress urinary incontinence affects approximately 9 million people in the US, 2 million of whom suffer from a severe form. According to epidemiological studies, the figures are similar in Europe. Urinary incontinence implies very high costs for patients and the community: the medical expenses of women with urinary incontinence are 1.8 times higher than the ones of women who do not suffer from it. In the US, roughly $ 20 billion are estimated to be spent on a yearly basis in connection with SUI, which is more than the amounts spent for gynecological and breast cancers combined. The only available treatment option is a device known as artificial urinary sphincter (AUS), which is currently used to treat a minority of male patients and is practically not used at all for women. It is estimated that between 1 and 1.5 million patients worldwide are potential candidates for an artificial urinary sphincter implant.
ARTUS™ is an artificial urinary sphincter developed to help patients suffering from severe stress urinary incontinence (SUI). It is made of a smooth, tiny silicone cuff designed to squeeze the urethra without damaging it. This squeezing of the urethra enables the patient to recover continence. The unique design of the cuff makes it adaptable to both men and women. The activation of the cuff is managed through a small implant positioned at the inguinal level. Its opening is triggered via a remote control allowing patients to urinate easily. A surgeon interface will enable the medical staff to perform individualized and non-invasive post-surgery adjustments over time. Many experts and key opinion leaders in the field believe that ARTUS™ has the potential to be a game-changer in the treatment of patients with severe stress urinary incontinence, especially women.
MyoPowers is an innovative medical device company dedicated to providing assistance to patients with deficient muscles or sphincters. Its products are intended for patients who suffer from diseases with high unmet medical needs. Its flagship product, ARTUS™, is an artificial urinary sphincter to treat patients suffering from severe stress urinary incontinence. Initially founded in Switzerland, MyoPowers is now a French company based in St. Louis, in the Alsace region. For further information, please visit www.myopowers.com.
About Truffle Capital
Truffle Capital is an independent European venture capital firm founded in 2001 and whose assets, as of December 31, 2014, totaled €700 million under management and advisory, mostly via institutional and retail private equity funds (FCPRs and FCPIs). Truffle Capital specializes in investments in companies developing breakthrough technologies and products in the Information Technology and Life Sciences sectors, in spinoffs and new ventures. The firm is led by a team of three founding partners, Henri Moulard, Dr. Philippe Pouletty and Bernard-Louis Roques, with decades of successful investment and entrepreneurial experience in Europe and the US. Backed by a team of 16 international investment experts and support professionals, Truffle Capital aims to achieve superior financial returns by leveraging its industry knowledge, extensive network, and operational experience to identify business opportunities that match latent market needs. For further information, please visit www.truffle.fr and www.fcpi.fr.
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.
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