Press release - 19 June 2006
CapMan and Investor Growth Capital invest in Neoventa Medical
CapMan Life Science IV fund managed by CapMan and Investor Growth Capital invest in Neoventa Medical AB, a Swedish medical technology company within the area of fetal monitoring. Following these investments, CapMan Life Science IV and Investor Growth Capital will each have an approximately 30% stake in Neoventa. The majority of the other shares will be retained by SEB Företagsinvest. The new shareholder structure will together secure a total capital injection of EUR 8 million (SEK 75 million) that will finance the next phase of growth for Neoventa with a focus on the US market.
Neoventa’s core product STAN® has been shown to significantly reduce the risk that a fetus will suffer from oxygen deficiency and brain injury during childbirth. STAN® works by analysing the shape of the ECG waveform of the fetus during delivery. Changes in fetal ECG shape are an indicator of oxygen deficiency and this information helps clinicians make more informed decisions for intervention. STAN® is currently used in 22 countries and in approximately 100,000 deliveries each year. STAN® was recently approved by the US Food and Drug Administration (FDA), opening up the world’s largest market for fetal monitoring. Neoventa has 19 employees and is based in Mölndal, Sweden.
“Neoventa is a small, highly specialised company with a superior technology in a market currently dominated by large players. With the support of our new and existing owners we will continue to take market share in Europe and introduce STAN® to new markets. We look forward to working with both Investor Growth Capital and CapMan,” says Simon Grant, CEO of Neoventa.
“Neoventa has achieved a user-base of over 350 hospitals - a strong foothold for further growth. Neoventa has great potential to establish a new standard of care in the maternity care market. The demand for the product is very strong and STAN® will be instrumental in millions of births in the future securing an uneventful delivery,” said Johan Bennarsten from CapMan.
“Our review of the extensive published clinical data confirmed our belief that STAN® offers significant advantages over existing methods. FDA approval and new studies including some 50,000 patients provide further positive support for STAN® that will drive clinical acceptance,” states Thomas Eklund from Investor Growth Capital.
Björn Österlund representing SEB Företagsinvest who has been a major shareholder in Neoventa since 1999 adds that “The last years’ strategic work has been incredibly important for the company’s strong clinical and technical base, an achievement we would never have reached without Neoventa's great team in Mölndal. It is with strong confidence that we will now continue to expand the business into new markets together with financially strong new co-owners.”
For further information please contact:
Johan Bennarsten, Deputy Head of CapMan Life Science, tel: +46 707 49 56 59
Simon Grant, CEO, Neoventa Medical, tel: +46 733 72 22 01
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