NanoPowers announces closing of CHF 5 million series A financing

NanoPowers SAJun 1 2010

NanoPowers SA, a medical device company that leverages its unique artificial muscle technology to restore or improve muscle function, today announced the closing of a CHF 5 million ($4.5 million) series A financing. The financing round was led by Novartis Venture Funds (NVF). Also participating in the financing were Initiative Capital Romandie (ICR) and Gran Plasa SA. Novartis Venture Funds were also seed investors in the company.

Martin Horst, PhD, chief executive officer, said: "We are very pleased with the ongoing support of the Novartis Venture Funds, and welcome ICR and Gran Plasa to our investor base. We will use the proceeds from the financing to finalize the development of our lead product ARTUS, a breakthrough artificial urinary sphincter, and initiate the first clinical studies. ARTUS addresses a huge unmet medical need, and is the first device of its kind that also lends itself to be easily implanted in women, who are by far the most affected by severe incontinences. Incontinence constitutes a devastating disability, affecting self-confidence and self image, and often leads to social isolation."

Florent Gros, Managing Director of the Novartis Venture Funds, said: "We are excited to support NanoPowers' development of their breakthrough technology applied to artificial sphincters. Incontinence is one of the largest untapped markets in the medical device industry, while demographic changes in western countries are significantly increasing the incidence of incontinences. We believe that ARTUS has the potential to significantly improve patients' quality of live, while substantially reducing treatment costs."