Biom'Up, a French company making re-absorbable medical devices, has pulled in more than $8.7 million in new funding to support accelerated commercial sales in Europe and clinical studies with the goal of conquering the U.S. market.
"The arrival of these new partners … will enable us to cement our development in the European markets and penetrate the U.S. market," CEO Sylvain Picot said in a statement.
France's CDC Entreprises, Viveris Management and OTC Asset management led the new round, which also includes Merieux Developpement, SHAM, Sofimac Partners, Aquasourca and L'Ameliane. Picot, a founding partner, is also an investor, as is deputy CEO and Scientific Director Patricia Forest.
Biom'Up, launched in 2005, is selling at least two products in Europe. One, known as Cova, is a bioresorbable membrane designed to prevent adhesions and offer controlled healing, such as with gastro-intestinal, gynecological and orthopedic surgeries. Its Matri Bone product is a bone regeneration matrix used for implant, maxilla-facial, dental and orthopedic surgeries.
With an eye toward U.S. product approvals, the company said it will pursue 510(k) approvals with the FDA. Plans also call for pouring some of its new funding into a Phase III clinical trial in Europe and the U.S. for a "new innovative range of products" designed both for surgery and regenerative medicine.
The funding round reminds us that even though the VC climate remains sluggish and anemic, it is still functioning with an eye toward companies that have passed the awkward development stage and have viable, marketable products in the mix.
- read the release