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.
Based in Berlin, Germany, Humedics GmbH is specialised in rapid and accurate liver function measurement using LiMAx®, an innovative technology for analysing exhaled air. The LiMAx® test provides physicians with a method for quantitatively assessing an individual patient’s liver function capacity within minutes. This enables physicians to select treatment strategies and follow disease progression based on up-to-date knowledge of the functional health of the liver.
Current applications, which have already been published in prestigious medical journals, include liver function diagnosis before and after liver transplantation, surgical planning for liver surgery (such as assessing how much liver tissue can be removed without increasing the risk of acute liver failure), and assessment of liver diseases such as fibrosis and cirrhosis. At present, more than 20 studies regarding new indications are being conducted. These include diagnosing and staging of chronic liver diseases such as non-alcoholic steatohepatitis (NASH), as well as selecting, monitoring and managing different oncology treatment options.
These studies, initiated by researchers, have already provided evidence of further potential for the LiMAx® tests. The LiMAx® test is in routine clinical use at more than 30 leading university hospitals in Europe. So far, more than 20,000 LiMAx® tests have been performed. The LiMAx® test is commercially available in Germany, Austria and the UK.