Galway medtech firm Atlantic Therapeutics raises €15m

1 Mar 2017

Galway City. Image: Anton_Ivanov/Shutterstock

Atlantic Therapeutics has raised €15m in funding through Seroba Life Sciences and Earlybird Venture Capital, as well as loan capital from Silicon Valley Bank.

With a HQ in Galway alongside numerous other medtech firms, Atlantic Therapeutics’ latest funding round will see its pelvic devices move one step closer to mass market release.

The company develops devices for non-invasive pelvic floor strengthening as well as nerve stimulation products, with €15m in funding seeing Seroba Life Sciences, Earlybird Venture Capital and Silicon Valley Bank getting involved.

As part of the deal, Dr Daniel O’Mahony from Seroba Life Sciences and Thom Rasche from Earlybird Venture Capital now join the board of Atlantic Therapeutics.

A spin-out of Bio-medical Research Group, Atlantic is using the money to accelerate the growth of its Innovo technology.

“To have attracted such highly respected companies as Seroba, Earlybird and Silicon Valley Bank is a strong endorsement of Innovo,” said Steve Atkinson, CEO of Atlantic Therapeutics.

“We have the opportunity to transform the lives of millions of people who suffer the stigma of bladder weakness by restoring their pelvic floors without the need for surgery, injections, lasers or intrusive devices and therapies.

“We will use this capital to accelerate the growth of our Innovo business with current and future generations of the product, to conclude our clinical study in support of an FDA submission for US regulatory clearance, and to conduct further trials to expand the use of our technology to other indications.”

Last month OncoMark, a UCD-based start-up looking at cancer treatment, raised €2.1m help prepare its innovative breast cancer diagnostic test for a 2018 release.

OncoMark develops panels of cancer biomarkers that can help medical professionals to decide on treatments, as well as tailor patient management.

The investment will fund the commercialisation of OncoMasTR, a prognostic test for early-stage breast cancer that the company claims will help to reduce the number of breast cancer patients receiving unnecessary chemotherapy.

Elsewhere Orreco, a sports and data science company based in Ireland, raised $2m in funding through Silicon Valley-based True Ventures.

Orreco uses machine learning and data analytics to investigate, and monitor, injuries experienced by sportspeople.

The funding is expected to create up to 30 positions across Orreco’s Galway office and a new LA base, as US interest in its service continues to grow.

Galway City. Image: Anton_Ivanov/Shutterstock

Gordon Hunt was a journalist with Silicon Republic