ATRO Medical closes a new financing round for the Trammpolin® meniscus prosthesis
Nijmegen - Venture Challenge Alumnus ATRO Medical announces the successful closure of a €1,9 million financing round. The funding provided by a syndicate led by Lumana Invest includes Thuja Capital Healthcare (Seed) Fund II, Innovatiefonds Brabant, Ontwikkelingsmaatschappij Oost Nederland, Cascara Ventures and DSM Venturing.
ATRO Medical will use the funds to complete the AIR2 clinical study that started last October. AIR2 is the second clinical study and the first study with an improved design and performance.
The Trammpolin® meniscus prosthesis is indicated for use in patients with a history of partial or total meniscectomy (partial or total removal of the meniscus) who experience post-meniscectomy pain syndrome. ATRO Medical obtained a Breakthrough designation by the FDA in January 2020 for the Trammpolin® meniscus prosthesis. It is an independent confirmation of the innovative character of the device and the lack of clinical solutions for this group of patients.
Chronic knee pain after meniscectomy is a common disease affecting close to 100.000 patients in both EU and US every year. The debilitating consequences and irreversible damage of the knee joint effects the patient’s quality of life, ability to work and increases the cost of health care. The Trammpolin® device intends to replace the damaged meniscus, restore the function of the meniscus and reduce the pain.
Co-founder and Chief Medical Officer Tony van Tienen, an orthopaedic surgeon started with the concept of a polymer-based meniscus replacement in 2008:
"I am excited about great potential for the pain reduction and mobility improvement in knee patients offered by the improved Trammpolin® device"
Wim Smit, managing director of Lumana Invest commented
“ATRO Medical is addressing a large unmet medical need, as an increasing number of patients with knee injuries undergo meniscectomy. The current treatment options for these patients have poor outcomes. Trammpolin® aims to provide a solution to reduce pain and restore mobility.”
ATRO Medical is based in Uden and has an office in Nijmegen, where the company benefits from the expertise and facilities of Radboudumc. Jan Hunik, co-founder and CEO:
"I am very pleased with this investment round and welcomes the trust in the Trammpolin® device at this stage of the development. The funds raised will enable the company to execute a second clinical study to demonstrate its potential to improve the quality of lives of patients".