Galway-based Atlantic Therapeutics raises €18m from existing backers

Atlantic Therapeutics has secured more than €18 million in new investment from existing backers.

The Galway-headquartered company is behind Innovo, a neuromuscular electrical stimulation solution that treats incontinence, sexual-health dysfunctions and other associated disorders by strengthening muscles and modulating nerves of the pelvic floor.

The wearable device is similar in style to a standard pair of cycling shorts and contains a number of electrodes. With an estimated one in three women suffering from stress urinary incontinence, and with only one in four seeking medical attention for the condition, the potential market for Atlantic is significant.

A spin-out from Bio-Medical Research Group, the company behind the well-known body toning belt product, Slendertone, Atlantic had adopted a direct to consumer sales approach.

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Atlantic launched Innovo in the US market in early 2020 shortly after receiving FDA approval for the solution. Speaking to The Irish Times, chief executive Susan Trent said sales rose 250 per cent last year.

“Around 50 per cent of women can’t achieve a Kegel exercise by themselves once their pelvic floor muscles start to diminish. Innovo provides a solution that effectively does the exercises for them,” she said.

“We are on a very positive trajectory in terms of building the business with the direct to consumer sales approach having proven extremely popular,” Ms Trent added.

Atlantic has raised more than €50 million previously from backers that include LSP, Andera Partners, Atlantic Bridge Ventures, Earlybird, and Irish venture capital firm, Seroba Life Sciences.

The last publicly available accounts for the company show it had accumulated losses of €9.6 million in February 2020.