Galway-based MedTech company receives €2 million boost to expand operations

Tuesday, February 16
Ciarán Mather

A medical-tech company based in County Galway has received €2 million in funding from the Western Development Commission (WDC) to expand its operations.

The welcomed news for Atlantic Therapeutics was revealed after the firm recently filed new company documents.

It follows after the company received approval in the US from the Food and Drug Administration last year for its INNOVO product, which is a wearable neuromuscular electrical stimulation device used to treat urinary incontinence.

The company added that the condition affects an estimated one-in-three women globally.

As well as urinary incontinence, Atlantic Therapeutics treats sexual-health dysfunctions and other associated disorders, and on its website, it says that it is 'on a mission to help the millions of people suffering globally by strengthening the muscles and modulating the nerves of the pelvic floor.'

 Atlantic Therapeutic's chief executive, Susan Trent, said: 'We are extremely proud to be bringing the first-in-world INNOVO technology to several key global markets from our base in Galway, one of the leading medical device hubs in the world.'

'We firmly believe that INNOVO represents a paradigm shift in the $13bn urinary incontinence market when compared to the current sub-optimal choices.'

Atlantic Therapeutics has previously raised over €40 million from investors including Atlantic Bridge, Seroba Life Sciences and Earlybird.

Atlantic, which employs 30 people in Galway and another six in customer services based in Mayo, is expected to raise a Series C funding round later this year. 

The company is also developing another product targeting stress urinary incontinence which is scheduled to launch later this year.

Given that the worldwide urinary incontinence market is valued at $13 billion (around €10.7 billion), it is safe to say that there is plenty of potential for Atlantic Therapeutics to generate an incredibly high number of sales.

For more business news from Newsday.ie, click here.