ATRO Medical financing round 2021 Final
ATRO Medical closes a new financing round for the Trammpolin® meniscus prosthesis
Nijmegen, 14 December 2021
Today ATRO Medical announces the successful closure of a €1,9 million financing round. The funding provided by a syndicate led by Lumana Invest includes Thuja Capital Healthcare (Seed) Fund II, Innovatiefonds Brabant, Ontwikkelingsmaatschappij Oost Nederland, Cascara Ventures and DSM Venturing.
ATRO Medical will use the funds to complete the AIR2 clinical study that started last October. AIR2 is the second clinical study and the first study with an improved design and performance.
The Trammpolin® meniscus prosthesis is indicated for use in patients with a history of partial or total meniscectomy (partial or total removal of the meniscus) who experience post-meniscectomy pain syndrome. ATRO Medical obtained a Breakthrough designation by the FDA in January 2020 for the Trammpolin® meniscus prosthesis. It is an independent confirmation of the innovative character of the device and the lack of clinical solutions for this group of patients.
Chronic knee pain after meniscectomy is a common disease affecting close to 100.000 patients in both EU and US every year. The debilitating consequences and irreversible damage of the knee joint effects the patient’s quality of life, ability to work and increases the cost of health care.
The Trammpolin® device intends to replace the damaged meniscus, restore the function of the meniscus and reduce the pain.
Co-founder and Chief Medical Officer Tony van Tienen, an orthopaedic surgeon started with the concept of a polymer-based meniscus replacement in 2008. ” I am excited about great potential for the pain reduction and mobility improvement in knee patients offered by the improved Trammpolin® device”
Wim Smit, managing director of Lumana Invest commented “ATRO Medical is addressing a large unmet medical need, as an increasing number of patients with knee injuries undergo meniscectomy. The current treatment options for these patients have poor outcomes. Trammpolin® aims to provide a solution to reduce pain and restore mobility.”
ATRO Medical is based in Uden and has an office in Nijmegen, where the company benefits from the expertise and facilities of Radboudumc. Jan Hunik, co-founder and CEO; I am very pleased with this investment round and welcomes the trust in the Trammpolin® device at this stage of the development. The funds raised will enable the company to execute a second clinical study to demonstrate its potential to improve the quality of lives of patients”.
About ATRO Medical
ATRO Medical spun-out from DSM and Radboudumc founded in 2017 and builds on the knowledge developed in the BioMedical Materials Programm; a consortium of universities, private companies with the financial support from the Dutch government. The collaboration between the clinical, biomechanical and polymer expertise has created the base for the Trammpolin® design and the development towards the improved design.
For more information: email@example.com
Please note, Trammpolin® is an investigational device in development and is not available for clinical use the coming years.
ATRO Medical B.V.
Transistorweg 5 6534 AT Nijmegen The Netherlands CoC: 66544475
About Lumana Invest
Investment company Lumana was established by entrepreneurs and unique due to not having a predetermined investment horizon. The Lumana founders showcase strong commitment to their portfolio companies by actively supporting management in strategic decision making. For more information please visit www.lumanainvest.nl
About Thuja Capital
Thuja Capital Management (Thuja) manages several venture capital funds aimed at building and scaling companies in the fields of (bio)pharmaceuticals, medtech and digital health. In addition to generating a financial return for its investors, Thuja’s investments positively impact the health and well-being of patients. Thuja serves physicians and patients worldwide by providing capital to daring entrepreneurs with ground-breaking product concepts locally. For more information
About Brabant Development Agency
The Brabant Development Agency (BOM) is an economic development company that is committed to enable companies in Brabant to grow their business. Together with a network of partners, BOM provides knowledge, capital, talent, market and facilities to companies with growth ambitions and growth potential. These companies devise solutions to economic and social issues. In this way BOM contributes to an innovative and resilient Brabant economy. For more information please visit www.bom.nl/english.
About Oost NL
Oost NL (East Netherlands Development Agency) is an agency that focuses its activities and projects on strengthening and stimulating the economy of the provinces of Gelderland and Overijssel, the Netherlands. With our investments we support starting and growth-phase SMEs. We do this partly with risk capital from various revolving innovation funds, and partly through our knowledge, networks and personal contacts. Through the revolving funds we provide for direct as well as indirect investment and take care of the fund management. In addition, we stimulate and support public and private investors. The result: growth through financing. www.oostnl.nl
About Cascara Ventures
Cascara Ventures is the investment fund of Adriaan Hart de Ruijter, experienced entrepreneur and investor in life sciences. Founded in 2016, Cascara invests in the seed stage of companies that apply technology to prevention, therapy and research. Examples are vaccines, medical devices, pharmaceuticals, imaging, software, medical data, robotics, healthcare services, diagnostics and cell therapy.