ProTip Medical Closes USD 4.7 (EUR 3.8) Million Financing Round
News Nov 27, 2012
ProTip SA has announced a USD 4.7 (EUR 3.8) million Series C financing round. The round was led by new VC investor Seventure, along with existing investors including Fonds Lorrain des Materiaux (FLM), the Berchet family-office, Alsace Amorcage and other private investors.
ProTip will use the funding to complete the company’s first human clinical trial of its ENTegral™ device, the world’s first permanent implant to replace the larynx in patients who have undergone a total laryngectomy.
It will also launch wider trials with the aim of bringing the implant to market. Since inception, ProTip has raised a total of EUR 6.8 million and has managed its development closely in line with its business plan.
"We are extremely pleased to welcome Seventure as a new partner,” said Maurice Berenger, CEO of ProTip. “More than mere financial resources, Seventure brings us its expertise and a conclusive track record as an experienced medical device investor.”
“There is currently no available solution for laryngectomized patients. ProTip’s ENTegral™ is designed to allow patients to go back to a normal, unimpaired social life,” added Berenger. “This Series C cash infusion will enable ProTip to move forward with this breakthrough medical device."
“We have been particularly attracted by the quality of the product portfolio dedicated to ear, nose and throat (ENT) applications, a medical sector where very few major innovations have come out these last few years,” said Emmanuel Fiessinger, general partner at Seventure.
Fiessinger continued, “The team has very high level financial and academic partners committed to this project, including a very strong public-private alliance, and this definitively convinced Seventure to support this company.”
“To have Seventure on board in this exciting venture is a further endorsement of the quality of the company,” said Laurent Bocahut, investment manager at FLM and member of ProTip’s supervisory board.
Bocahut continued, “With this successful round, ProTip is in an excellent position to become a market leader in the field of laryngology. This great achievement illustrates the quality and proficiency of ProTip’s operational team.”
“Today, there is no available treatment that alleviates the need for a definitive tracheotomy for patients having undergone total laryngectomy,” said Christian Debry, MD, PhD, head of ENT department at Strasbourg Teaching Hospital and co-founder of ProTip.
Debry continued, “The ENTegral implant aims to restore respiration through natural ways and to give laryngectomized patients access to a much better life.”