Norgine Ventures completes €4.5m financing with Nuubo
LONDON, UK. 25 January 2018, 07.00 AM GMT. Norgine Ventures announced today that it has provided financing of up to €4.5 million to Smart Solutions Technologies S.L. (“Nuubo”). This investment recognises the unique and differentiated product offering of Nuubo’s wireless electrocardiogram (ECG) monitoring technology, which fills an underserved gap in the cardiac arrhythmia monitoring market.
Cardiac arrhythmia is a substantial and growing market, with the most common arrhythmia being atrial fibrillation. Atrial fibrillation affects 3 million people in the US and is the leading risk factor for stroke. Up to 80% of strokes in atrial fibrillation patients could be prevented with earlier diagnosis and treatment. Diagnosis requires a period of continuous ECG monitoring, with longer monitoring times correlating with increased diagnostic yield due to the irregular nature of many arrhythmias. Nuubo’s product offers up to 60 days of cardiac monitoring and bridges a gap in the market between non-invasive products that monitor patients for 7-14 days and long-term invasive implants.
The Nuubo System is comprised of a comfortable textile Holter that has no adhesives, no wires, is non-invasive and allows for high mobility with high-quality ECG recordings and arrhythmia analysis software. The Nuubo System is CE-marked and has been demonstrated to achieve over 20% diagnostic yield for atrial fibrillation in cryptogenic stroke during a 30 day monitoring period.
Nuubo is well supported by a number of the leading Spanish VCs such as Cross Roads Biotech Inverbio, Caixa and Fides Capital.
The financing will help the company accelerate its growth, expand commercial presence in Europe and in the US over the next few years and invest in clinical trials and new product development.
Peter Stein, CEO of Norgine, said: “We are excited to invest in Nuubo and thereby support an innovative business, which provides a unique ECG monitoring solution. Nuubo’s technology addresses an unmet need in the market for mid- to long-term non-invasive cardiac arrhythmia monitoring devices with best-in-class patient comfort and the potential to transform the cardiac monitoring sector, increase detection rate of arrhythmias and ultimately decrease the risk of stroke for millions of patients. Led by an experienced management team and supported by top-tier venture capital investors, Nuubo is well placed to execute on its global expansion plan.”
Juán Alcántara, Nuubo CEO, said: “We are pleased to have Norgine Ventures’ investment commitment and support to help us accelerate commercial growth and fund US market expansion. The investment recognises the hard work put in by the Nuubo team to develop and commercialise a disruptive wearable device with excellent ECG signal quality and best-in-class patient comfort and compliance, addressing a significant clinical need in the market for mid- to long-term cardiac arrhythmia monitoring.”
Notes to Editors:
For further information please contact
Julien Michaux, Norgine Ventures, firstname.lastname@example.org
Kristine Erwin, Norgine Ventures, email@example.com
Juán Alcántara, CEO, firstname.lastname@example.org
Isabelle Jouin, Norgine, T: +441895453643
About Norgine and Norgine Ventures
Norgine is a leading European specialist pharmaceutical company with a direct commercial presence in all major European markets. In 2016, Norgine’s total revenue was EUR 368 million. Norgine employs over 1,000 people across its commercial, development and manufacturing operations and manages all aspects of product development, production, marketing, sale and supply.
Norgine specialises in gastroenterology, hepatology, cancer and supportive care.
Norgine is headquartered in the Netherlands. Norgine owns a R&D site in Hengoed, Wales and two manufacturing sites in Hengoed, Wales and Dreux, France.
For more information, please visit www.norgine.com.
In 2012, Norgine established a complementary business Norgine Ventures, supporting innovative healthcare companies through the provision of debt-like financing in Europe and the US.
For more information, please visit www.norgineventures.com.
NORGINE and the sail logo are trademarks of the Norgine group of companies.
Nuubo is a wearable wireless medical device company, with headquarters based in Madrid (Spain) and R&D labs and manufacturing facilities in Valencia (Spain). The company designs, manufactures and sells a proprietary portfolio of innovative wearable wireless medical technologies for cardiac prevention, diagnosis and rehabilitation. The company holds several patents in the EU and the USA. Nuubo received CE marking approval for the commercial sale of its new-generation wearable ECG solution. The company is certified under standards ISO 27001, ISO 13485 and ISO 9001.
For additional information, please visit www.nuubo.com.