Hylomorph has closed an oversubscribed Series B2 financing round. The investment will help expand Hylomorph’s products portfolio, as well as achieve regulatory approvals and market launch for their first indication in cardiology.
Hylomorph develops membranes and pouches which are reducing the foreign body reaction to surgical implants. Leading healthcare investors have contributed to its Series B funding round. The financing round was led by EFI Lake Geneva Ventures, joined by the existing shareholders Start Angels Network Switzerland, Zürcher Kantonalbank, Verve Ventures, and Interconsult, and followed by the Italian Investors Club, Excellis Holding, and other Business Angels. In addition, the company has secured CHF 2.4 million (USD 2.7) in non-dilutive funds from the Innosuisse Swiss Accelerator Grant program.
The investment will help to expand the product portfolio and will bring Hylomorph closer to market launch. In particular, the Swiss Accelerator funding will support the company’s clinical development program, to test safety and efficacy in a large group of patients suffering Cardiac Rhythm Management disorders.
Hylomorph Medical, AG, a Switzerland based spin-off from ETH Zurich and alumnus of Wyss Zurich, develops innovative solutions that improve patient outcomes following implant surgery. Every time a patient receives a surgical implant, the immune system initiates a foreign body reaction. The implant becomes covered by a thick layer of fibrotic tissue, which hardens and contracts over time in an attempt of isolating, killing and expelling the foreign body. Hylomorph aims at minimizing post-surgical complications in medical implants. Its membranes and pouches provide an interface between implant and the surrounding tissues with the goal to reduce fibrotic tissue build-up, facilitate revision surgery and subsequently reduce associated complications.
"We are thrilled to have successfully closed this financing round, with EFI Lake Geneva Venture leading the investment, and to be awarded the competitive Swiss Accelerator grant. With this capital injection, we will provide patients with multiple solutions for the prevention of post operative complications. Our first commitment is on patients requiring device therapy to treat arrhythmia or cardiac arrests, where we have experienced great momentum with the clinical and industrial community. We are also exploring new indications in neurostimulation as well as the integration of therapeutic agents, to increase the benefits and wellbeing of our patients" said Simone Bottan, CEO and co-founder at Hylomorph.
(Press release / SK)
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