Biom’Up has announced that it has raised EUR 6.8 million in new funds from existing shareholders and acquired three new investors: the InnoBio fund, managed by CDC Entreprises under the ‘FSI France Investissement’ program, Viveris Management and OTC Asset Management.
As a result of the new funding, the new partners join the investors already associated with Biom’Up: Merieux Developpement, SHAM, Sofimac Partners, Aquasourca and L’Ameliane, alongside founders and managers Sylvain Picot (CEO) and Patricia Forest (deputy CEO and scientific director).
“Previous fundraising has enabled us to recruit the first members of the sales force and finance the R&D stages for two new product ranges,” explains Sylvain Picot, CEO of Biom’Up.
Picot continued, “The new funds will be used to strengthen the sales team significantly in order to accelerate the roll out of domestic and export sales.”
Biom’Up plans to recruit several additional sales representatives in the coming year for France. On the export side, the company will focus its sales efforts on the US and Europe.
At the same time, Biom’Up will finance a phase III clinical trial in Europe and the US for a new innovative range of products targeted at the major markets of surgery and regenerative medicine.
In addition, Biom’Up has implemented a development strategy in the US, filing initial applications (510k) with the Food and Drug Administration (FDA) and setting up a multi-disciplinary scientific advisory board consisting of recognized opinion leaders in France and the US.
“We are very pleased to support Biom’Up. We are impressed by the positioning and the quality of the products developed by the company,” says Thibaut Roulon, investment director at CDC Entreprises.
Roulon continued, “The products developed by Biom’Up offer a response to identified medical needs across major markets and meet the expectations of surgeons.”
Since 2009, Biom’Up has been selling its ranges of proprietary products: COVA™, a membrane for the prevention of adhesions and controlled healing, in Europe and the US and MATRI™ BONE, a bone regeneration matrix, in Europe. These ranges meet a strong demand in markets evaluated at several million euros.
COVA™ and MATRI™ BONE have proved to be clinically effective and add value for various types of surgery. These two initial ranges provide a new response to the requirements of surgery and regenerative medicine: for example, COVA™ makes corrective surgery more secure in cardiac paediatric cases.
Its handling and innovative mechanical properties also make it ideal for use in laparoscopy, delivering excellent results, especially in the prevention of adhesions in gastro-intestinal and gynecological surgery.
“The arrival of these new partners, which are highly committed to the life sciences sector, will enable us to cement our development in the European markets and penetrate the US market,” said Sylvain Picot. “This is also reflected in the strengthening of governance bodies within the company, enabling it to draw on experience and shareholder networks.”