Biom’Up secures EUR 31,3 million in Series C financing from Bpifrance Large Venture, Gimv and Lundbeckfond Ventures
St-Priest, 9 September 2015, 7:30 AM CET – Biom’Up today announced that the company has secured EUR 31,3 million in a Series C financing round from an investment syndicate consisting of Gimv, Bpifrance Large Venture and Lundbeckfond Ventures, alongside its existing shareholders (InnoBio, Sham Innovation Santé, ACG Management, Sofimac, Mérieux Développement, OTC AM, Euroainvest and l’Améliane) and the company’s management team. This third institutional financing round represents a milestone for the international growth and scaling of the business.
Biom'Up (www.biomup.com), a specialist in collagen-based absorbable medical devices for biosurgery, is developing a new generation hemostatic product, HEMOBLASTTM, and markets its proprietary products COVATM, COVAMESHTM and MATRITMBONE. The proceeds of the capital increase will be primarily used to finance further development of HEMOBLASTTM, particularly in the context of its clinical study conducted in Europe and North America. The company achieved a turnover of more than EUR 3 million in 2014 and expects more than 30% growth in sales of its existing product portfolio for 2015.
"The fact that Bpifrance Large Venture, Gimv and Lundbeckfond Ventures - major players in the European venture capital industry and specialist in life sciences - invest is a clear recognition of the innovative strength of the Biom’Up’s team," says Étienne Binant, CEO of the company. "The company now has the resources and the partners necessary to position itself in the market for hemostasis, a market segment worth USD 2 billion for which HEMOBLASTTM has the potential to become the new gold standard."
Biom’Up welcomes on the board Dr. Karl Naegler (Gimv), Dr. Laurent Higueret (Bpifrance Large Venture) and Mr. Casper Breum (Lundbeckfond Ventures).
On behalf of the new investors Karl Naegler, Partner Gimv Health & Care, comments: “We are very happy to be a part of this promising story and convinced of the strong market potential of HEMOBLASTTM, which has an attractive product profile that addresses important unmet needs within the market of active hemostatic products. The company is managed by a very experienced top level team and we look forward to working with them.”
Thibaut Roulon, Investment Director at InnoBio, adds: "This important financing round, closed by an international syndicate of investors, confirms the potential of HEMOBLASTTM on the hemostasis market as well as the quality of the work of a highly experienced team.”
The company also announces the arrival of Dr. Jan Ohrstrom as Chairman of the Board and Dr. William Spotnitz as medical director of the company. Both have an internationally recognized experience in the development and clinical evaluation of hemostatic products for surgery.