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UroMems Secures USD 17.6 Million in Equity and Debt Financing
UroMems will use the proceeds from the investment round to fund ongoing preclinical studies and the initiation of the first clinical studies of UroMems’ eAUS device, which is being developed for the treatment of Stress Urinary Incontinence (SUI)
Fremont, CA: Developer and manufacturer of electronic artificial urinary sphincter, UroMems, raised USD 17.6 million in a combination of equity and debt financing, led by Hil-Invent GmbH, with co-investor Financière Arbevel. The round was also participated by existing investors Wellington Partners, Bpifrance, via its FABS fund, Cita Investissement, Supernova Invest and btov Partners. The debt financing was provided by a syndicate including Bpifrance, BNP Paribas, Caisse d’Epargne, Crédit Agricole and Banque Populaire.
“We were able to accomplish a tremendous amount with the proceeds of our Series A, which was completed in 2016,” said Hamid Lamraoui, CEO and co-founder of UroMems. "That capital enabled us to complete the development of the eAUS device and all industrialization processes necessary to pursue clinical development of the technology. This additional capital will allow us to initiate the first phase of our clinical development program. We are grateful for the support of Hil-Invent and Financière Arbevel, as well as the continued confidence of our Series A investors.”
UroMems will use the proceeds from the investment round to fund ongoing preclinical studies and the initiation of the first clinical studies of UroMems’ eAUS device, which is being developed for the treatment of Stress Urinary Incontinence (SUI). The eAUS is an active implantable medical device that compensates for sphincter insufficiency in patients with SUI. Protected by over 80 patents, it is based on the latest technologies in embedded intelligent systems and software.
“SUI is a highly prevalent condition. It has a major impact on a patient quality of life and is currently treated using products that have not seen meaningful advancement in decades. The results of our preclinical studies were very encouraging and give us confidence as we prepare to launch our clinical trials in the near future,” said Pr. Pierre Mozer, co-founder of UroMems and Urological Surgeon at Paris Hospital. As part of the financing round, Friedrich Hillebrand, Ph.D., President of Hil-Invent and Louis Geslin, Ph.D., Private Equity Portfolio Manager at Financière Arbevel, have agreed to join the Company’s Board of Directors.