BioMedInvest-II LP joins Humedics Series C financing and increases financing round to 7 million Euro
Switzerland-based BioMedPartners with their BioMedInvest-II LP fund joins as co-lead the newly formed syndicate of investors in follow up of the recent announcement of the Humedics’ Series C financing round that was led by two international investors, Vesalius Biocapital Partners and Seventure Partners.
BioMedInvest-II LP invests in innovative early- to mid-stage companies that have the potential to achieve exceptional growth driven by novel technologies with unique advantages over current products. Humedics therefore perfectly fits into this portfolio with their medical device, the diagnostic drug and the clinically demonstrated significant added value of the LiMAx test in liver disease and liver surgery. BioMedInvest-II LP will be represented on the Humedics Board by Dr. Karsten Fischer.
The raised capital will be used for the European market entry of Humedics’ proprietary LiMAx test and the corresponding FLIP diagnostic device. This breath test based diagnostic system represents a revolution in functional liver diagnostics by enabling clinicians to quantitatively determine the individual liver function capacity for a patient within minutes. It allows for better risk assessment in liver surgery and thus, superior surgery planning as well as selecting treatment strategies optimally adapted to the individual patients liver status. The LiMAx test provides certainty for the physician, safety for the patient and leads to cost reduction for the hospital.
Erwin de Buijzer, Managing Director of Humedics GmbH and private co-investor in the financing round, states: “2014 has been a highly successful year for us. The closing of the series C financing round provides the financial basis for preparing a successful launch of our LiMAx test. Feedback from customers is extremely positive and confirms the dramatic reduction of mortality after liver surgery in the centers that use the LiMAx test. We are very pleased with the support from all investors, which enables us to commercialize one of the major innovations in liver function testing.”
Please find more details on Humedics’ series C financing round and investors in our press release from November 10, 2014.
Humedics has developed a breath test based in vivo diagnostic system (the LiMAx® test), which comprises a CE-marked medical device, breathing masks and a diagnostic drug. The LiMAx® test enables the clinician to quantitatively determine the individual liver function capacity of a patient within minutes. This allows for selection of treatment strategies and disease monitoring optimally adapted to the individual patients’ liver status. Current clinical applications, studies of which have already been published in highly respected peer-reviewed scientific journals, include diagnosis of the liver function before and after liver transplantation, liver surgery planning (e.g. assessment of the amount of liver to be resected without potentially increasing the risk of acute liver failure) and assessment of diseases such as liver fibrosis and cirrhosis. Over 20 trials in new indications such as the diagnosis of chronic liver diseases like non-alcoholic steatohepatitis (NASH) and the improvement of treatment decisions in liver oncology are ongoing. These investigator initiated trials impressively demonstrate the further potential of the LiMAx® test. The LiMAx® test is already being used in over 30 top-tier university clinics across Europe and more than 20,000 tests have already been performed. The LiMAx® test is commercially available in Germany, Austria and the UK.
Based on the specific metabolic action of the liver enzyme CYP1A2, which is expressed in all functioning hepatocytes, performing the LiMAx® test is a simple procedure. The diagnostic drug solution is administered intravenously, and the liver immediately starts to metabolize the drug into low dose paracetamol and 13CO2 (non-radioactive). The latter is exhaled in the breath, collected via a respiratory mask and guided to the LiMAx® system where, within 1-2 minutes following the injection, the LiMAx® IR laser spectroscopy system allows real-time and very precise quantification of the increase in 13CO2 content. The resulting LiMAx® value, measured in micrograms per kilo body weight per hour, is a reliable and repeatable measure of the maximum functional capacity of the liver.
Dr. Ralf Kohnen
Marie-Elisabeth-Lüders Str. 1
Tel.: +49 30 59008 3240 E-mail: firstname.lastname@example.org