Caldera Medical plans to add Atlantic Therapeutics’ Innovo devices to its portfolio of women’s health products.
Atlantic Therapeutics, the Galway-based medtech, has been acquired by a US medical device maker for an undisclosed sum.
The Irish company was acquired by Caldera Medical, a company that develops products for the treatment of stress urinary incontinence (SUI), pelvic organ prolapse, polyps and fibroids. The US company said this acquisition boosts its expanding portfolio of products for women’s health.
Atlantic Therapeutics develops a wearable neuromuscular electrical stimulation device, called Innovo, to treat urinary incontinence, sexual health dysfunctions and other associated issues. The company said its products are non-invasive and designed to strengthen the pelvic floor muscles.
The Galway medtech claims Innovo can treat urinary incontinence, a condition which affects between 10 and 20pc of men and women across Europe, within 12 weeks of use.
Atlantic Therapeutics CEO Susan Trent said Caldera Medical has the ability to “maximise” the potential of Innovo.
“Since its formation, the team at Atlantic Therapeutics has demonstrated the huge potential of Innovo,” Trent said. “This unique technology with robust clinical data is ideally placed to serve the millions of women worldwide who suffer the daily distress of SUI.
“I am delighted that we will see Innovo thrive within Caldera Medical and want to thank Bryon and the team for their dedication to women’s health.”
The company has had several funding rounds over the years. In 2021, Atlantic Therapeutics raised €2m from the Western Development Commission (WDC), which was the single largest investment that the WDC had made up at that point.
By 2021, Atlantic Therapeutics had raised more than €40m from investors including Seroba Life Sciences, Earlybird and Atlantic Bridge. By October 2022, the Galway medtech had raised almost €100m, The Business Post reports.
Caldera Medical said it will maintain a European headquarters and innovation centre in Galway. The Company’s CEO Bryon Merade said it will also scale the “rapidly growing Innovo products worldwide”.
“This acquisition aligns perfectly with our mission and allows us to offer an even more comprehensive suite of solutions to healthcare providers and patients alike,” Merade said.
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