PhysioAssist raises 6 million euros in a Series B financing, to commercialize SimeoxTM as the new standard for airway clearance in Europe and internationally
Aix en Provence, September 26th 2017, PhysioAssist, a French medical device company specialized in airway clearance, announces a fundraising of 6 Million Euros. Led by Mérieux Développement, joined by Turenne Capital and previous investors, this financing aims at accelerating the commercial ramp-up of SimeoxTM to deploy this innovative solution across patients within Cystic Fibrosis and Chronic Obstructive Pulmonary Disease (COPD).
According to recent estimates from the World Health Organization, 64 million people suffer from COPD worldwide, and 3 million people die as a result of its complications every year. The WHO is expecting COPD to become the third leading cause of death in the world by 2030.
Thanks to an innovative, easy-to-use and handheld technology, the SimeoxTM solution dramatically increases efficiency in bronchial drainage and patient compliance in the following indications :
- Cystic Fibrosis: As one of the most common inheritable genetic diseases in western populations, it is estimated that there are between 8 and 12 cases of the disease per 100,000 individuals in Europe. Overall, the Cystic Fibrosis Foundation estimates that there are approximately 70,000 cystic fibrosis patients worldwide.
- Chronic Obstructive Pulmonary Disease (COPD): COPD is a disabling respiratory disease which leads to a progressive and permanent obstruction of the airways, and the WHO estimates that it will become one of the leading causes of death in the world by 2030.
After obtaining a CE Mark for SimeoxTM in 2016 and completing a first financing round, PhysioAssist industrialized its prototype and conducted a first clinical study in patients with obstructive pulmonary diseases. This study confirmed the benefit of the SimeoxTM solution for patients with a high risk of bacterial or fungal infection.
This Series B financing round aims to accelerate the commercial ramp-up of Simeox treatment solution, strengthen the PhysioAssist management team, and complete additional clinical studies in the target indications.
“The very promising clinical results generated with the SimeoxTM solution in the last two years naturally lead us to expand internationally for further clinical investigation and commercial development. Our goal is to make PhysioAssist the international market standard for the treatment of chronic respiratory diseases. With this ambition in mind, the selection of our strong financial partners is a key success factor. We are pleased and proud to have Mérieux Développement and Turenne Capital as new shareholders.”
Adrien Mithalal, PhysioAssist, CEO
“Simeox has unique features which allow for an efficient treatment solution by the Healthcare professionals and provides a substantial benefit to the growing number of patients who suffer from the progressive degradation of their respiratory capacity. SimeoxTM differentiation and our ability to support PhysioAssist team are two key factors underlying our decision to become a reference shareholder of the company.”
Valérie Calenda, Mérieux Développement, Partner
Valérie Calenda, representing Mérieux Développement, and Mounia Chaoui from Turenne Capital will join the board of the company.
About PhysioAssist and Simeox / www.physioassist.com
PhysioAssist has developed an expertise in bronchial mucus analysis and clearance. Its in-vitro studies and unique model of digital simulation allow them to analyze the impact of vibrational signals on mucus in the distant airways of the bronchi. The stagnation of the mucus in these areas is often considered to be a root cause of pulmonary infections. Patients with obstructive pathologies have to clear their airways on a daily basis. SimeoxTM delivers a simple solution to clear the airways efficiently. A session of SimeoxTM typically lasts between 10 and 20 minutes and can be supervised by an healthcare professional or eventually provided at home, to improve quality of life and patient compliance.
About Mérieux Développement / www.merieux-developpement.com
Mérieux Développement is specialized in venture capital and growth equity transactions in the healthcare and nutrition sectors. Mérieux Développement supports entrepreneurs and companies with products or services offering worldwide innovation to the healthcare market. Mérieux Développement brings its expertise and international network to enable entrepreneurs to disrupt and create new market opportunities. Mérieux Développement is an affiliate of Institut Mérieux, which employs approximately 17,000 employees worldwide, with consolidated revenues exceeding 2.5 billion Euros in 2016.
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