Money Management

Affluent Medical Announces New Funding of €15.8 Million and Reinforcement of its Board of Directors

AIX-EN-PROVENCE, France–()–Affluent Medical is a French MedTech company specializing in innovative, minimally invasive implants to restore key physiological functions in patients with structural heart disease and urinary incontinence. The company is pleased to announce the closing of a €10.3 million private placement financing and the appointment of two new board members to further strengthen the team.

Michael FinanceCEO of AFFLUENT MEDICAL, said:

“We are very pleased to welcome Jean-François Le Bigot and Benoît Adelus to our Board of Directors. They bring decades of leadership in key areas, such as talent acquisition, strategy implementation, clinical development and medical funding, which are vital to our future operations and strategy.

Their expertise as well as the €15.8 million in refinancing should allow Affluent Medical to make rapid progress on its clinical programs and its commitment to bring to market next-generation minimally invasive medical devices for the treatment of important medical needs. unsatisfied doctors.

Closing of a €10.3 million private placement financing

The Private Placement Financing was subscribed for gross proceeds of €10.3m, including €8m via convertible bonds (including €4m received in December 2019).

The investment was led by Truffle Capital through the FCPI fund Truffle Biomedtech and Truffle Innov FRR France. Other investors who participated in the financing include Head Leader Limited (China), Affluent Medical partner of two joint ventures in Shanghai, Ginko Invest (Jean-François Le Bigot), Fate (Benoît Adelus), and a historical investor, Simone Merkle .

The Company intends to use the proceeds of the offering to finance its ongoing clinical activities in cardiology, and in particular for the MINERVA First-In-Human clinical study of the Epygon mitral valve, to complete the study pivotal clinic OPTIMIZE II of KALIOS (adjustable mitral valve ring) and launch a pilot/pivotal study of Artus (implantable urinary sphincter) in urology.

Other financing signed for €5.5 million

Affluent Medical has obtained two “PGE” loans for a total amount of 2.2 million euros from Societe Generale and BNP PARIBAS banks as part of public measures to mitigate the economic impact of the Coronavirus. Both loans are interest-free and repayable either after one year or over a period of up to five years.

A €1 million innovation loan was also granted by Bpifrance to finance R&D projects in cardiology. The loan bears interest at 1.14% and will be repaid over a five-year period starting in September 2022.

In addition, following the approval of the clinical study in Austria, Epygon received at the beginning of May 2.3 million euros in subsidies from the French public investment bank Bpifrance within the framework of the PSPC MIVANA project (see press release specific press).

Appointment of new directors

Jean-François Le Bigot and Benoît Adelus join the board of directors.

Jean-François Le Bigot is currently CEO of Oncovita and Chairman of Ginko Invest. He was previously President of the Citoxlab group (formerly CIT) which he joined in 1987. Over a period of more than 30 years, he developed and expanded Citoxlab which became a leading international CRO with more than 1500 employees. Under his leadership, Citoxlab acquired numerous CROs in North America and Europe. He successfully sold Citoxlab in 2019 to Charles River. He previously held management positions at Sandoz Laboratories. Jean-François holds a doctorate in biomedical pharmacology.

Benoit Adelus has over 30 years of experience in the healthcare, MedTech, in vitro diagnostics, vaccines and animal health sectors where he led several successful businesses which he significantly scaled through the innovation, international expansion and acquisitions in the United States and China in particular. . He has a solid international experience having held various positions, from VP Commercial Operations, R&D to CEO in the United States and Latin America.

He led the IPO of bioMérieux on the Paris Stock Exchange in 2004 as CEO.

He has extensive experience in LBOs, having led a total of four highly successful transactions and served as Chairman or Board member of various Healthtech companies.

Michel Finance, CEO of Affluent Medical, was also appointed director and elected chairman of the board.

About Affluent Medical

Affluent Medical is a French MedTech company founded by Truffle Capital with the ambition of becoming a European leader in the treatment of heart and vascular diseases, which are the first cause of death in the world, and urinary incontinence, which today affects one in four adults . Affluent Medical develops innovative next-generation minimally invasive implants to restore key physiological functions in these areas. The company’s four major technologies are currently in the preclinical and clinical phase, and a first medical device is expected to be launched by 2022.

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