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ProTip medical closes USD4.7m (EUR3.8m) financing round

ProTip SA, a Strasbourg (France)based emerging medical device company, announces today a USD4.7million (EUR3.8m) Series C financing round.

The round was led by new VC investor Seventure, along with existing investors including Fonds Lorrain des Matériaux (FLM), the Berchet familyoffice, Alsace Amorçage and other private investors.

ProTip will use the funding to complete the company’s first human clinical trial of its ENTegral device, the world’s first permanent implant to replace the larynx in patients who have undergone a total laryngectomy. It will also launch wider trials with the aim of bringing the implant to market. Since inception, ProTip has raised a total of EUR6.8 million and has managed its development closely in line with its business plan.

"We are extremely pleased to welcome Seventure as a new partner,” says Maurice Bérenger, CEO of ProTip. “More than mere financial resources, Seventure brings us its expertise and a conclusive track record as an experienced medical device investor.

“There is currently no available solution for laryngectomized patients. ProTip’s ENTegral is designed to allow patients to go back to a normal, unimpaired social life,” adds Bérenger. “This Series C cash infusion will enable ProTip to move forward with this breakthrough medical device."

Emmanuel Fiessinger, General Partner at Seventure, says: “We have been particularly attracted by the quality of the product portfolio dedicated to ear, nose and throat (ENT) applications, a medical sector where very few major innovations have come out these last few years. The team has very high level financial and academic partners committed to this project, including a very strong public-private alliance, and this definitively convinced Seventure to support this company.”

“To have Seventure on board in this exciting venture is a further endorsement of the quality of the company,” says Laurent Bocahut, investment manager at FLM and member of ProTip’s supervisory board. “With this successful round, ProTip is in an excellent position to become a market leader in the field of laryngology. This great achievement illustrates the quality and proficiency of ProTip’s operational team.”

“Today, there is no available treatment that alleviates the need for a definitive tracheotomy for patients having undergone total laryngectomy,” says Christian Debry, MD, PhD, Head of ENT department in Strasbourg Teaching hospital and cofounder of ProTip. “The ENTegral implant aims to restore respiration through natural ways and to give laryngectomized patients access to a much better life.”
 

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