invendo medical Closes Euro 20M Equity Capital Funding Led by Xeraya Capital
Significant financing to accelerate industrialization and commercialization of invendo’s single-use colonoscope
KISSING, Germany and GARDEN CITY, N.Y., March 20, 2014 /PRNewswire/ — invendo medical, manufacturer and distributor of a single-use and computer-assisted colonoscopy system, today announced the closing of a euro 20.3 million ($ 28 million) financing round led by new investor Xeraya Capital Sdn Bhd (“Xeraya Capital”), which invested via an affiliated company. Also, a German Family Office joined as a new investor and existing investors TVM Capital, Wellington Partner, 360° Capital and the founders participated in the financing as well, which will allow invendo to kick-off its industrialization efforts for the FDA-cleared invendoscopy(TM) system.
The invendoscope(TM) SC20 has several features that are new to the field of colonoscopy:
-- it is the only market-cleared single-use colonoscope -- it is not pushed or pulled, but uses a computer-assisted ("robotic") gentle drive technology -- all endoscopic functions are performed using a handheld device and -- it applies less force on the colon wall.
Like other endoscopes, the invendoscope(TM) allows intra-procedural interventions through a working channel.
Berthold Hackl, CEO of invendo medical, said, “We are very excited about Xeraya Capital and the other investors supporting us with this new funding which comes at precisely the right time as we are building first installations and initial usage in the U.S. Colonoscopy is already a huge market, with at least 16 million procedures per year in the U.S. alone, although compliance remains insufficient. We expect that the invendoscope(TM) will be instrumental in enhancing adherence to colorectal cancer screening, since it addresses some of the major hurdles for patients to undergo the procedure. For the first time, there is a computer-assisted alternative available with a robotic component that applies less force during the procedure. Last but not least, in many medical fields single-use devices have eventually won the day, and the invendoscope(TM) is the only one of its kind right now.”
“Xeraya Capital carries the business of investment management services with respect to venture capital and private equity investments in the life sciences sector,” added Timo Hercegfi, CFO of invendo medical. “It is their strategy to invest into companies with game changing technologies and medical technologies figure as one of the prominent target areas for their investments. invendo medical addresses a large and growing market with a proprietary product that has the potential to enhance the number of procedures performed in colorectal cancer prevention, the second leading cause of cancer deaths. Xeraya Capital will help to propel the company to the next level.”
The fresh funds will be used to build a marketing and service infrastructure in the U.S., to enhance production capacity for the device, and to support ongoing development projects that address optics and ease of use, among others.
About invendo medical – www.invendo-medical.com
Based in New York, U.S.A. and Kissing (near Munich), Germany, invendo medical is dedicated to disposable endoscopy products in the field of gastroenterology that are hygienically safe and employ computer-assisted and robotic technologies. The company has over the last years embedded a suite of proprietary technologies into its first product, the single-use invendoscope(TM), which is cleared for marketing in the U.S. and the EU.
SOURCE invendo medical