Oct. 1, 2020 07:00 UTC
SCS EXPERT is the first expandable percutaneous lead for neuromodulation treatment for chronic pain
New investors, led by CDP Venture Capital, and including Indaco Ventures I and EUREKA! Venture, join existing participating investors in financing round
Adds to EUR 2.3M grant earlier in 2020 from the European Commission to launch SCS EXPERT
MILAN & BERLIN--(BUSINESS WIRE)-- WISE Srl, a medical device company developing next-generation implantable leads for neuromonitoring, neuromodulation and brain-machine interfacing, today announced the closing of a EUR 15 million Series C financing round. New investors, led by CDP Venture Capital SGR, and including Indaco Ventures I Fund and EUREKA! Venture SGR, joined existing investors participating in this round – Principia SGR, New Frontier, Atlante Seed and Atlante Ventures (funds managed by Indaco Venture Partners SGR), High Tech Gründerfonds and F3F.
The proceeds will be partially used to accelerate the development of the Company’s second product, SCS EXPERT (EXpandable PERcuTaneous), a percutaneously implantable multi-column paddle lead for Spinal Cord Stimulation (SCS). The funds will also support the upcoming launch of its first product, WISE Cortical Strip (WCS), a single use medical device for IntraOperative Neurophysiological Monitoring during brain tumor and epilepsy surgeries, which is anticipating the granting of its CE mark.
This financing adds to the recent European Commission grant of EUR 2.3 million given to WISE in July 2020, to support the development and launch of SCS EXPERT within the EIC Accelerator program of Horizon 2020.
“We are delighted with the support we have received for our latest funding round and welcome our new investors,” said Luca Ravagnan, CEO at WISE. “With this additional funding, we will be able to accelerate our plans to launch SCS EXPERT, as we make progress toward FDA clearance and market launch.”
He added, “With support from our engaged investors, we remain committed to build on our innovative drive and passion to provide the best lead with the least invasive implantation procedure to the SCS market, potentially bringing higher relief to patients suffering from chronic pain and other disorders.”
Chronic pain is a debilitating disease for sufferers and treatment costs billions for the European and US healthcare systems each year. Globally, around 328 million people suffer from high-impact chronic pain – pain that lasts three months or longer, and is accompanied by at least one major activity restriction.
To date, the therapeutic market has been dominated by drugs from several classes including non-steroidal anti-inflammatory drugs (NSAIDs) and opioid analgesics. However, the increased scrutiny of opioid use worldwide has led to a significant rise in interest in alternative treatments, such as neuromodulation using SCS implants. The current neuromodulation market has an estimated value of $5.8 billion, with over 50% of the value given by the SCS sector.
SCS implants work by blocking pain signals before they reach the brain through the delivery of electrical stimuli to the spinal cord by means of implantable leads. Currently there are two types of implantable leads available – multi-column paddle leads and cylindrical leads. Multi-column paddle leads offer better overall treatment results, but current products can only be inserted surgically.
Thanks to its proprietary SCBI technology, WISE is the first company capable of producing a multi-column paddle lead – the SCS EXPERT – that can be folded in a catheter and implanted percutaneously like a cylindrical lead, i.e. with no surgical intervention required. This will offer the opportunity to the patient for the first time to receive the best SCS lead with the least invasive implantation procedure.
New investor, Laura Scaramella, Partner at CDP Venture Capital SGR said: "We are delighted to support WISE’s brilliant team in this important phase. The technological advantage deriving from the unique characteristics of the proprietary technologies underlying its medical leads has been validated with the first product, WISE Cortical Strip. We are confident this will be a distinctive feature also of SCS EXPERT, thus confirming the enormous potential that WISE has in its ability to offer cutting edge solutions to unmet medical needs, hence to improve quality of life of millions of people.”
New investor, Massimo Gentili from EUREKA! Venture SGR added: “WISE’s sound and consistent IP package and the material-based approach originally developed at the University of Milan nicely fits with EUREKA!’s goals. The experienced management team and a clear path to the market confirms the high potential of their technology. The excellence in developing the technological platform from research to a product that is ready-to-be-launched, demonstrates that Italian technology transfer deals are feasible.”
Paolo Siviero from Principia SGR added: “WISE has made significant progress since we first invested in 2015 and we are pleased to continue supporting the Company’s work. We believe the SCS Expert leads will be a major step forward in the treatment of chronic pain and provide an important alternative treatment for patients. The Company has a clear commercialization strategy for its lead product and the technology to create further innovative products.”
Davide Turco, CEO of Indaco Venture Partners SGR concluded: “Our Funds have been supporting WISE since the Seed stage and we are very pleased that, thanks to its outstanding team and technology, the Company has been able to raise this new important equity round by qualified investors. We are delighted to participate in this round again with our latest fund, Indaco Ventures I, with the core mission to finance large equity rounds that enable advanced technologies to reach the market.”
WISE S.r.l. has developed a genuinely new generation of leads for neuromonitoring, neuromodulation and brain machine interfacing by means of its proprietary Supersonic Cluster Beam Implantation (SCBI) technology.
Neuromonitoring and neuromodulation require electrodes and leads to be surgically implanted on neural tissues (as for instance the brain and the spinal cord) to apply electrical stimuli or to record the electrical activity. The leads produced using WISE’s new SCBI technology consist of stretchable electronic circuits integrated in very thin elastomeric foils. As a result, WISE’s electrodes are highly ergonomic, conformable, soft and thin, thus allowing great adhesion, minimal invasiveness and excellent adaptability on neural tissues.
In parallel with the development of the SCS EXPERT lead, WISE will be soon launching the WISE Cortical Strip (WCS), a single use medical device for IntraOperative Neurophysiological Monitoring during brain tumor and epilepsy surgeries. The WCS is used for continuous recording of the brain’s electrical activity and for brain stimulation. The Company has applied for its CE mark.
Founded in 2011 by a team of material scientists coming from the University of Milan, WISE has so far received funding from Agite!, Atlante Seed and Atlante Ventures, b-to-v, HTGF, Principia SGR, New Frontier and private investors, and closed a Series C funding round in 2020 with new investors (CDP Venture Capital SGR, Indaco Ventures I Fund and Eureka! Venture SGR). In 2016, the Company established its production plant in Cologno Monzese, Milan, Italy (1000 m2 wide, comprising cleanrooms and production laboratories compliant for the manufacturing of implantable medical devices) and has an office in Berlin, Germany.
For more information, please visit: www.wiseneuro.com.
About CDP Venture Capital SGR
CDP Venture Capital SGR – Fondo Nazionale Innovazione CDP Venture Capital is an asset management company (of which 70% is held by CDP Equity and 30% by Invitalia) with an AuM of €1 billion. The mission of the firm is to make Venture Capital a strategic pillar to Italy's economic growth and innovation, creating the conditions for a comprehensive and sustainable growth of the Venture Capital ecosystem. It operates through a set of funds that aim to support startups in all their development phases and through a mix of direct and indirect investments.
For more information, please visit: https://www.cdpventurecapital.it.
About Indaco Venture Partners SGR
Founded in 2016, today Indaco Venture Partners SGR is the largest independent Italian venture capital asset management company, with a strong experience in companies that innovate in electronics and robotics, medtech, digital and new materials. Indaco manages over 250 million across its five funds.
For more information, please visit: www.indacosgr.com.
About EUREKA! Venture SGR
EUREKA! Venture SGR is an independent venture capital firm exclusively focused on deep tech investments. The firm manages Eureka! Fund I – Technology Transfer”: investments are focused on proof of concept, seed and early stage deals in spinoffs and startups steaming out from Italian Universities and Research Centers. Ideas and companies backed by Eureka! Fund has a competitive advantage stems from cutting-edge proprietary technologies and innovations in materials science with a clear and unique vision on intellectual property rights.
For more information, please visit: https://www.eurekaventure.it.
About Principia SGR
Principia SGR is one of the leading Italian venture capital firms. Currently the company manages three investment funds, called Principia Fund, Principia Principia II and III - Health. Through the first two funds - today fully invested - Principia has funded about 40 companies in the start-up phase and by supplying growth capital. Principia III – Health is one of the main Venture Capital and Growth Capital funds in Italy specifically dedicated to the healthcare sector. The fund, with a size of 206 million euro, has realized 16 investments in start-up and early-stage companies as well as small and medium sized (SME) companies, with already 2 successful exits completed. Goal is to contribute to the development of a sector in Italy that is characterized by the presence of high skills and internationally recognized quality but suffers currently from the lack of financial support. For more information, please visit: www.principiasgr.it
About New Frontier
Located in Padua (Italy), New Frontier is a privately-owned Italian company focused on investments in innovative enterprises. New Frontier srl, is attributable to the Family Office of the Rossi Luciani family, majority shareholder of Carel Industries, listed on the Milan Stock Exchange, invests in start-up and early-stage companies with a high growth potential, with a particular focus on Italian companies in the bio-tech industry.
About High-Tech Gründerfonds
High-Tech Gründerfonds (HTGF) is a seed investor that finances high-potential, tech-driven start-ups. With around EUR 900 million in total investment volume across three funds and an international network of partners, HTGF has already helped forge almost 600 start-ups since 2005. Driven by their expertise, entrepreneurial spirit and passion, its team of experienced investment managers and startup experts help guide the development of young companies. HTGF’s focus is on high-tech start-ups in the fields of digital tech, industrial technology, life sciences, chemistry and related business areas. To date, external investors have injected over EUR 2.6 billion into the HTGF portfolio via more than 1,600 follow-on financing rounds. HTGF has also successfully sold interests in more than 100 companies.
Investors in the public-private partnership include the Federal Ministry of Economics and Energy, KfW Capital, the Fraunhofer-Gesellschaft and 32 companies (Our Fund Investors). For more information, please visit: www.htgf.de/en
F3F is an Italian company controlled by biotech and healthcare entrepreneur Laura Iris Ferro. Based in Milan the company has an investment policy aimed at taking stakes in diversified business with high return potential including traditional ones as real estate and innovative ones such as life science.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201001005125/en/
Dr. Luca Ravagnan, CEO
+39 02 84962493
Instinctif Partners for WISE Srl
Melanie Toyne-Sewell / Agnes Stephens / Kiki Zaccagnini
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新投资者，以CDP风险投资为首，包括Indaco Ventures I和Eureka！Venture，加入现有参与融资的投资者
WISE Srl是一家开发用于神经监测，神经调节和脑机接口的下一代植入式导线的医疗设备公司，今天宣布完成了1500万欧元的C轮融资。新的投资者，以CDP风险投资SGR为首，包括Indaco Ventures I Fund和Eureka！Venture SGR公司加入了参与本轮的现有投资者Principia SGR，New Frontier，Atlante Seed和Atlante Ventures（由Indaco Venture Partners SGR管理的基金），High Tech Gründerfonds和F3F。
所得款项将部分用于加速公司第二款产品SCS EXPERT（可扩展经皮）的开发，这是一种用于脊髓刺激(SCS)的经皮植入式多柱桨状导线。这笔资金还将支持其第一款产品WISE Cortical Strip(WCS)即将推出，WISE Cortical Strip是一种用于脑肿瘤和癫痫手术期间的术中神经生理监测的一次性医疗设备，预计将获得CE标志。
WISE公司首席执行官Luca Ravagnan说:“我们对最近一轮融资获得的支持感到高兴，并欢迎我们的新投资者。有了这笔额外资金，我们将能够加快我们推出SCS EXPERT的计划，因为我们在获得FDA许可和上市方面取得了进展。“
新投资者，CDP Venture Capital SGR合伙人Laura Scaramella说:“我们很高兴能在这一重要阶段支持WISE的杰出团队。WISE的第一款产品WISE Cortical Strip已经验证了其医疗领先的专有技术的独特特性所带来的技术优势。我们相信这也将是SCS EXPERT的一个独特特性，从而证实WISE在为未被满足的医疗需求提供尖端解决方案方面的巨大潜力，从而改善数百万人的生活质量。”
来自Principia SGR的Paolo Siviero补充说:“WISE自2015年首次投资以来取得了重大进展，我们很高兴能继续支持公司的工作。我们相信SCS专家的领导将是慢性疼痛治疗的一大进步，并为患者提供一种重要的替代治疗方法。该公司对其主导产品和创造进一步创新产品的技术有一个明确的商业化战略。“
Indaco Venture Partners SGR公司首席执行官Davide Turco最后说:“我们的基金从种子期开始就一直支持WISE公司，我们非常高兴，由于其杰出的团队和技术，该公司能够通过合格投资者筹集到这一轮重要的新股本。我们很高兴用我们最新的基金Indaco Ventures I再次参与这一轮融资，其核心任务是为使先进技术能够进入市场的大型股本融资。“
WISE于2011年由来自米兰大学的材料科学家团队创立，迄今已获得Agite！，Atlante Seed和Atlante Ventures，b-to-v，HTGF，Principia SGR，New Frontier和私人投资者的资助，并于2020年与新投资者（CDP Venture Capital SGR，Indaco Ventures I Fund和Eureka！Venture SGR）完成了C轮融资。2016年，该公司在意大利米兰科隆诺蒙泽斯建立了生产工厂（面积1000平方米，包括符合植入式医疗器械制造要求的洁净室和生产实验室），并在德国柏林设有办事处。
关于CDP Venture Capital SGR
CDP Venture Capital SGR-Fondo Nazionale Innovazione CDP Venture Capital是一家资产管理公司（其中70%由CDP Equity持有，30%由Invitalia持有），资产管理资产规模为10亿欧元。公司的使命是使风险投资成为意大利经济增长和创新的战略支柱，为风险投资生态系统的全面和可持续增长创造条件。它通过一系列基金运作，这些基金旨在支持初创企业的所有发展阶段，并通过直接和间接投资的组合进行运作。
Indaco Venture Partners SGR简介
Indaco Venture Partners SGR成立于2016年，是意大利最大的独立风险投资资产管理公司，在电子和机器人技术，medtech，数字和新材料创新领域拥有丰富的经验。Indaco旗下五只基金管理着超过2.5亿美元的资金。
Principia SGR是意大利领先的风险投资公司之一。目前该公司管理三个投资基金，称为Principia Fund，Principia Principia II和III-Health。通过前两只基金--如今已全部投资--Principia已经资助了大约40家处于初创阶段的公司，并提供了增长资本。Principia III-Health是意大利主要的风险资本和增长资本基金之一，专门致力于医疗保健部门。该基金的规模为2.06亿欧元，已实现对初创公司和早期阶段公司以及中小型公司的16项投资，其中已有2项成功退出。目标是促进意大利一个部门的发展，该部门的特点是拥有高技能和国际公认的质量，但目前缺乏财政支助。欲了解更多信息，请访问:www.principiasgr.it
位于帕多瓦（意大利），新边疆是一家私营的意大利公司，专注于创新企业的投资。New Frontier srl是米兰证券交易所上市的Carel Industries的大股东Rossi Luciani家族的家族办公室，投资于具有高增长潜力的初创和早期公司，特别关注意大利生物技术行业的公司。
+39 02 849 62493