MyoPowers receives €1 million in public funding from Bpifrance and the Alsace Region
June 22, 2015 – Saint-Louis, France – MyoPowers, a French medtech company developing an artificial urinary sphincter to help patients suffering from stress urinary incontinence, today announces it was granted €1 million by the French public investment bank Bpifrance and the Alsace Region, as part of French public efforts to support promising innovative companies.
This funding comes in the form of repayable advances, including zero interest loans (PTZI) from Bpifrance and a grant from the Alsace region’s innovation funding program GRAINE. MyoPowers will use them to accelerate the development of ARTUS ™, its artificial urinary sphincter.
“Since MyoPowers relocated from Switzerland to Alsace, we’ve received a warm and supportive welcome from the region’s key stakeholders, including the CAHR (Economic Action Committee of the Upper Rhine region), the Alsace Region and Bpifrance. Today, we are very pleased with the support and recognition granted to us by Bpifrance and the Alsace Region,” commented Eric Rambeaux, CEO of MyoPowers. “This additional funding, which comes only a few days after the announcement of a major financing round completed with our existing investors, allows us to start thinking in the long term as part of a broader regional innovative network.”
About Urinary Incontinence
Urinary incontinence (UI) is defined as an involuntary leakage of urine. Stress urinary incontinence (SUI), the most common type of UI, is due to weak pelvic floor muscles and / or a deficient urethral sphincter, causing leakage from the bladder while exercising, or even coughing, sneezing, laughing, etc. For women, there are multiple factors leading to SUI, including difficult childbirth, obesity, menopause, etc. As for men, SUI is a common side effect of radical prostatectomy, a common treatment for prostate cancer. SUI affects mostly women, who account for about 80% of patients. This very debilitating pathology mostly affects people who are generally healthy, plaguing them with a heavy financial, psychological and social burden. SUI is a major cause of social isolation.
Urinary Incontinence Data
Stress urinary incontinence affects approximately 9 million people in the US, 2 million of whom suffer from a severe form. According to epidemiological studies, the figures are similar in Europe. Urinary incontinence implies very high costs for patients and the community: the medical expenses of women with urinary incontinence are 1.8 times higher than the ones of women who do not suffer from it. In the US, roughly $ 20 billion are estimated to be spent on a yearly basis in connection with SUI, which is more than the amounts spent for gynecological and breast cancers combined. The only available treatment option is a device known as artificial urinary sphincter (AUS), which is currently used to treat a minority of male patients and is practically not used at all for women. It is estimated that between 1 and 1.5 million patients worldwide are potential candidates for an artificial urinary sphincter implant.
ARTUS™ is an artificial urinary sphincter developed to help patients suffering from severe stress urinary incontinence (SUI). It is made of a smooth, tiny silicone cuff designed to squeeze the urethra without damaging it. This squeezing of the urethra enables the patient to recover continence. The unique design of the cuff makes it adaptable to both men and women. The activation of the cuff is managed through a small implant positioned at the inguinal level. Its opening is triggered via a remote control allowing patients to urinate easily. A surgeon interface will enable the medical staff to perform individualized and non-invasive post-surgery adjustments over time. Many experts and key opinion leaders in the field believe that ARTUS™ has the potential to be a game-changer in the treatment of patients with severe stress urinary incontinence, especially women.
MyoPowers is an innovative medical device company dedicated to providing assistance to patients with deficient muscles or sphincters. Its products are intended for patients who suffer from diseases with high unmet medical needs. Its flagship product, ARTUS™, is an artificial urinary sphincter to treat patients suffering from severe stress urinary incontinence. Initially founded in Switzerland, MyoPowers is now a French company based in St. Louis, in the Alsace region. For further information, please visit www.myopowers.com.
Bpifrance, a subsidiary of the French State and Caisse des Dépôts, is a trusted partner of entrepreneurs that supports companies from their seed funding to IPO stages by granting them with credit facilities, assurance services and capital funding. Bpifrance provides additional support services to foster innovation and export, in cooperation with UBIFRANCE and Coface. Born from the merger of OSEO, CDC Entreprises, FSI and FSI Regions, Bpifrance offers companies a continuum of financing at each key stage of their development, in line with local specificities. With 42 regional offices -- 90% of decisions are taken locally -- Bpifrance is a tool for economic competitiveness dedicated to entrepreneurs. Bpifrance acts in support of public policies developed by the State and its regions to meet three objectives:
- Promote the economic development of regions,
- Contribute to France’s industrial revival,
- Bring out the champions of tomorrow.
With Bpifrance, companies benefit from a powerful, responsive and efficient partner, capable of meeting all of their financial, innovation and investment needs. www.bpifrance.fr
About the Alsace Region
The Alsace region has decided to look ahead to the future by implementing a strategy aiming to strengthen, gather together and revive companies as a way to build a resolutely dynamic region, turned toward the development of tomorrow. Innovation is at the heart of this strategy to help support companies’ creation and development, making them ultimately more competitive and sustainable. This results in an ensemble of financial aids to already existing and new businesses. The GRAINE regional funding mechanism is designed to finance individual innovation efforts led by companies, through the Regional Fund of Initial Funding (FRFI) and the Regional Innovation Fund (FRI). Along with the regional supporting structures, it contributes to accelerate the implementation of the projects it finances and to reduce their inherent risks.