A medtech player which specialises in minimally invasive implants has announced it has signed up to a €12 million structured debt financing package with Kreos Capital.
Affluent Medical has signed up a package which comprises three tranches of €4 million straight bonds, with the first tranche already paid.
The second tranche will be drawn upon achievement of milestones and the third tranche is to be agreed by mutual consent before 31st October 2019 subject to the financial needs of the company.
The funds received by Affluent Medical will be allocated mainly to achieve:
- Recruitment of patients for Optimise II pivotal trial of Kalios, a fully adjustable mitral valve repair device,
- First-in-Human implantation of Epygon, a transcatheter mitral valve aimed at restoring physiologic blood flow and safeguard the ventricle,
- Recruitment of patients for the pivotal trial of Artus, an electronically activated sphincter to treat urinary incontinence,
- First-in-Human implantation of Kardiozis, an endovascular prosthesis aimed at preventing endoleaks in abdominal aortic aneurysm.
Henri Lefebvre, chief financial officer of Affluent Medical, said: "This financing with Kreos Capital is instrumental in reaching major clinical milestones for each of our medical devices in 2019. It will allow the company to pursue its business development activities with a view to launching its first medical device by end of 2020."
The company’s implants are designed to restore key physiological functions for patients suffering from heart and vascular diseases, as well as urinary incontinence.
Daniele Zanotti, chief executive officer of Affluent Medical, said: "Having secured our financial path, we now have cleared the way to create significant value in the coming months. Clinical activities for each of our technologies will be executed as planned. The next 18 months will allow us to progress significantly and structure the company to become a key player in transcatheter technologies."
