ZUG, Switzerland, Oct. 30, 2006
IMI Intelligent Medical Implants AG (IMI), a privately held neuro-stimulation company, announced today that it has raised €15 million in a Series B financing led by Global Life Science Ventures (GLSV) and Abingworth Management. Existing investors, including the Series A lead investor PolyTechnos, and a new investor, Quantum Technology Partners, also participated. Stephen J. McCormack of GLSV has become Chairman of IMI and Timothy J. Haines, a Partner at Abingworth, has joined the board.
IMI, headquartered in Zug, Switzerland, with an R&D subsidiary, IIP-Technologies GmbH (IIP), in Bonn, Germany, is developing the Intelligent Retinal Implant System (IRIS)™, which is able to confer visual perception to blind people via a fully-implanted Retinal Stimulator utilising wireless data and energy transmission. Results of a clinical study presented earlier this year showed that the implant enabled completely blind patients to see light and simple patterns. The technology, which is protected by numerous patents and patent applications, is suited for patients with degenerative diseases that result in blindness, such as Retinitis Pigmentosa and Macular Degeneration.
“This financing will allow us to commence multi-centre clinical trials that should lead to regulatory approval of our first product in the European and United States markets,” said Hans-Jürgen Tiedtke, CEO of IIP.
Stephen J. McCormack added, “IMI has a fully implantable neuro-stimulation device that is able to recreate visual perception in blind patients. As a result of the integration of several technologies, we believe that this product is well ahead of its competitors. IMI is clearly the leader in the field and will revolutionize the industry.”
Wolfgang Oster of PolyTechnos stated: “The PolyTechnos Partnership has transitioned this company from an early stage to clinical proof of concept. I am pleased that both, the superb technology and team, were able to attract the new high quality investors. Together, we are committed to turn the vision of the founder Steffen Suchert into reality and provide blind patients with a means to see again.”
About Global Life Science Ventures:
GLSV is a leading, independent venture capital fund focusing exclusively on the life sciences. With offices in Germany and Switzerland, GLSV is dedicated to supporting early-stage companies originating from universities, scientific institutions or industry, but also invests in selected later-stage companies, including buy-outs. The group currently advises and manages funds totalling more than €200 million. GLSV has now financed 31 innovative life science companies in Europe and the U.S., twelve of which have completed an exit through IPO, trade sale or M&A. Since 1996, GLSV has built up a broadly diversified portfolio of companies in pharmaceuticals, diagnostics, medical devices, and biotechnology. For more information about GLSV, go to www.glsv-vc.com.
About Abingworth:
Abingworth is a long-established venture capital firm dedicated to the life sciences sector on both sides of the Atlantic. The company invests across all stages of development, including early-stage as well as public companies. Abingworth has provided backing to more than 90 life science businesses. The majority of these have gone public or have merged or been acquired. Abingworth has funds under management of over $750 million. Founded in 1973, Abingworth has offices in London, Cambridge (UK), Menlo Park (California) and Boston. For more information, visit www.abingworth.com.
About PolyTechnos:
PolyTechnos Venture-Partners is a European venture capital firm focusing on privately held early stage companies, predominantly in Europe. Areas of expertise comprise Information Technology (communications & networking, electronics & computer hardware, semiconductors) and Life Science (drug development & medtech), as well as the interfaces of the two. The PolyTechnos team combines long-standing venture capital investment experience with broad international operational and management expertise based on strong technology and life science backgrounds. PolyTechnos helps companies turn technology into business by providing support in areas such as strategy, business development, and organization building, and has a track record of being a highly active value-adding investor. PolyTechnos, located in Munich, Germany, was founded in 1998 and currently advises funds totalling approximately EUR 200 million. For more information please visit www.polytechnos.com.
About Quantum Technology Partners:
Quantum Technology Partners, located in Silicon Valley, invests in early stage Information Technology and Life Sciences companies in the U.S. and Europe. Quantum was founded in 2000 and co-invests with leading venture capital firms. For more information about Quantum, go to www.quantumtp.com.
Contact:
Andrew Moore, CFO & Head of Business Development
IMI Intelligent Medical Implants AG
+41 41 723 3838
[email protected]
Broker-dealer services are provided through Beech Hill Securities ( http://www.beechhillsecurities.com/ ), Inc., a FINRA/SIPC member.