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Multi-organ failure: innovative 4-in-1 therapy from ADVITOS receives funding
ADVITOS, a medical device manufacturer with a unique therapy for patients with multi organ failure, completes a 20m€ financing round led by Crédit Mutuel Equity, with a co-investment from the EU EIC Fund
ADVITOS developed and markets the ADVOS multi-device (ADVanced Organ Support) to provide an integrated 4-in-1 multi-organ support therapy that enables simultaneous support of all three main detoxification organs – liver, lungs and kidney – and corrects blood acid-base imbalances. Pilot trials in critically ill patients have shown that this therapy increased survival in severe organ failure from 20% up to 50%.
Multi-organ failure causes the deaths of approximately half a million intensive care patients in Western Europe and the USA every year. This is about 60 percent of all deaths in intensive care units. Due to the Covid-19 pandemic, this number has increased to around 750,000 patients in the past year. On the other hand, conventional extracorporeal procedures such as mechanical ventilation, ECMO (extracorporeal membrane oxygenation), dialysis and liver-assist therapy only support the function of one or two organs. By treating all three organs simultaneously, and not consecutively like with existing solutions, it is a holistic approach giving the patients a much better chance to recover. The ADVOS therapy is CE marked, recognized by international experts, and is already in use in the intensive care units of over 20 hospitals throughout Germany, including a number of leading university hospitals.
ADVITOS developed key proprietary components of the ADVOS therapy and the ADVOS multi-device on its own and holds several patents related to technology and process features. With the current financing round, the company intends to further increase medical evidence through clinical trials, expand its commercialization internationally and to add additional therapy features to increase ease of use of the ADVOS multi.
ADVITOS was founded in 2005 by nephrologist Bernhard Kreymann, M.D., who is also the inventor of the ADVOS therapy. ADVITOS began as a start-up in a research laboratory in Garching near Munich. Catherine Schreiber complemented Bernhard Kreymann with her business and engineering background. Together they developed ADVITOS over the years with the help of several financing rounds with the participation of private investors, the KfW banking group and employees. The company presently employs 55 people. It has received numerous awards, including the 2020 Innovation Award Bavaria, and is listed in the Deloitte Technology Fast 50 Awards 2019.
Bernhard Kreymann, founder and CEO of ADVITOS, said: “This financing round 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 for ADVITOS.”
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, further comments: “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 authorized representative of the main private investor, sees the financing round as a great opportunity to use the unique therapy from ADVITOS internationally for the further benefit of patients and thus save lives.
About Crédit Mutuel Equity
Crédit Mutuel Equity (formerly CIC Capital) is the private equity subsidiary of Crédit Mutuel Alliance Fédérale and carries out venture capital, growth capital and buyout activities.
Crédit Mutuel Equity supports business leaders at all stages of their companies’ development, from seed phase to buyout, by providing them with the means and the time required to implement their transformational projects. Crédit Mutuel Equity brings together a network of over 350 business leaders and entrepreneurs who share similar convictions and can benefit from one another’s experience, no matter the nature of their projects. Using its own funds (€3.0 billion), Crédit Mutuel Equity makes investments tailored to the time horizons and growth strategies of the companies in which it invests, whether in France, Canada, the United States, Germany or Switzerland.
For more information, see www.creditmutuel-equity.eu
About Crédit Mutuel Innovation
Crédit Mutuel Innovation is the venture capital subsidiary of Crédit Mutuel Equity. Its objective is to invest in companies developing promising technologies. Crédit Mutuel Innovation selects companies with strong growth potential in dynamic sectors such as information technology, telecommunications, electronics, life sciences, new materials and environment. For more than 15 years, Crédit Mutuel Innovation has invested – and often reinvested – its own capital to support innovative companies all along their development. Crédit Mutuel Innovation’s policy is to provide long-term equity support to innovative startups to streamline their chances of success.
For more information, see www.creditmutuel-equity.eu
About Crédit Mutuel Alliance Fédérale
One of France’s leading bank insurers, operating through nearly 4,300 branches serving 26.7 million customers, Crédit Mutuel Alliance Fédérale offers a diversified range of services to a wide range of customers, from private individuals and local professionals to businesses of all sizes.
One of Europe’s strongest banking groups, its shareholders’ equity amounted to €49.6 billion and its CET1 ratio was 17.8% at 30 December 2020.
Crédit Mutuel Alliance Fédérale is made up of the following Crédit Mutuel federations: Centre Est Europe (Strasbourg), Sud-Est (Lyon), Ile-de-France (Paris), Savoie-Mont Blanc (Annecy), Midi-Atlantique (Toulouse), Loire-Atlantique et Centre-Ouest (Nantes), Centre (Orléans), Normandie (Caen), Dauphiné-Vivarais (Valence), Méditerranéen (Marseille), Anjou (Angers), Massif Central (Clermont-Ferrand) and Antilles-Guyane (Fort-de-France).
Crédit Mutuel Alliance Fédérale also encompasses Caisse Fédérale de Crédit Mutuel, Banque Fédérative du Crédit Mutuel (BFCM) and all its subsidiaries, including CIC, Euro-Information, Assurances du Crédit Mutuel (ACM), Targobank, Cofidis Group, Banque Européenne du Crédit Mutuel (BECM), Banque de Luxembourg, Banque Transatlantique and Homiris.
For more information, see www.creditmutuelalliancefederale.fr
About EIT Digital Accelerator
EIT Digital Accelerator supports international growth of European digital tech scaleups by helping them raise venture capital and access new markets. Since 2012, EIT Digital Accelerator’s team of venture financing and business experts has been working with 300+ companies across Europe who collectively raised over €1 billion in investment.
Participants in the transaction
Finance & Tax-Advisory: Eight Advisory (Marc Niclas, Jan-Ole Burchert, Manuel Wahl)
EIT Digital Accelerator (Daniel Michel)
Legal: Goodwin Procter LLP (Gregor Klenk, Joana Pamukova), Implid Legal (Benoît Lespinasse)
Heussen Rechtsanwaltgesellschaft mnH (Cornelia Weber; Gerhard Pischel), Field Fischer (Andreas Driver),
CMS (Henrik Drinkuth; Arian Nazari-Khanachayi, Frederike Volkmann), Oppenhoff (Johannes Janning)
IP: Franck Tetaz Intellectual Property, Graf von Stosch Patentanwaltsgesellschaft mbH
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