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ADVITOS’ innovative 4-in-1 therapy receives €20 M funding

EIT Health Catapult 2019 finalist ADVITOS completes a €20 M funding round led by Crédit Mutuel Equity, with a co-investment from the EU EIC Fund.

Every year, multi-organ failure causes the death of approximately half a million intensive care patients in Western Europe and the United States. This is about 60 percent of all deaths in ICUs. Since the Covid-19 pandemic, this number has increased to around 750,000 patients in the past year.

 

Conventional extracorporeal procedures for organ failure such as mechanical ventilation, ECMO (extracorporeal membrane oxygenation), dialysis and liver-assist therapy only support the function of one or two organs. With the ADVOS multi-device (ADVanced Organ Support), developed by ADVITOS, a holistic way to simultaneously treat all three detoxification organs — liver, lungs and kidney — as well as correct blood acid-base imbalances is made possible. The solution enables fluid-based elimination of water-soluble toxins (kidney), protein-bound toxins (liver and kidney), and CO2 (lungs). Patients are therefore given a much higher chance of recovery. The ADVOS therapy is also CE marked, used in intensive care units at 20 leading hospitals throughout Germany and is on its way to entering the international market. Pilot trials in critically ill patients have shown that this therapy increased survival in severe organ failure from 20% up to 50%.

 

Now, the Munich-based MedTech company has announced a successful funding round with a total of EUR 20 million. Bernhard Kreymann, the founder and CEO of ADVITOS, commented: “This […] is a major step in the further development of ADVITOS. It will enable us to grow much faster in the future and to embark on several major development projects in both research & development and sales & marketing. Together with our new financing partners, we are also gaining an incredibly diverse set of competencies and expertise to support these projects and open new doors.” Through this investment, the company intends to build more medical evidence through clinical trials and expand its commercialisation internationally. Furthermore, additional therapy features will be added to increase the ease of use of their integrated multi-organ support device, ADVOS multi.

 

The financing round was led by Crédit Mutuel Equity via its two subsidiaries Crédit Mutuel Equity Germany and Crédit Mutuel Innovation. In addition, ADVITOS received funding from the European Union’s European Innovation Council (EIC) Fund as part of the EIC Accelerator Pilot blended finance program. Delphine Cardi, PhD, Investment Director at Crédit Mutuel Innovation in Paris, added: “With this round of financing, we are extremely pleased to support not only an economically promising company but above all to improve the medical care of critically ill patients.”

 

Sébastien Neiss, Managing Director of Crédit Mutuel Equity in Germany, remarked: “It was important to us to make a sustainable contribution to the future of the company and its mission. To this end, ADVITOS not only receives venture capital from our colleagues at Crédit Mutuel Innovation in France, the EIC Fund and other co-investors. Through the participation of Crédit Mutuel Equity, we will also support the international development of ADVITOS by making available long-term growth capital that is not dependent on predefined time horizons. This will enable us to adapt to the growth dynamics of the company and, if required, enables us to reinvest in case of changes in the shareholder structure or future growth projects.”

 

Mathias Klingler, chairman of the supervisory board of ADVITOS and an authorised representative of the main private investor, sees the financing round as a great opportunity to use the unique therapy from ADVITOS internationally to benefit patients and save lives.

 

Founded in 2005 by nephrologist Bernhard Kreymann, M.D., the ADVITOS GmbH (“ADVITOS”) began as a start-up in a research laboratory in Garching near Munich. He was complemented by Catherine Schreiber, Deputy CEO and COO of ADVITOS, with her business and engineering background. Together they developed the company with the help of several financing rounds with private investor participation, the KfW banking group and employees. With currently 55 employees, ADVITOS has received a number of awards, including the 2020 Innovation Award Bavaria, and is listed in the Deloitte Technology Fast 50 Awards 2019.