01.12.2020 – Comphya SA, a developer of the first neuromodulator to treat erectile dysfunction, today announced the fundraising of USD 1.3 million in a Bridge Financing round. The financial round included investment from existing shareholders and the Fondation pour l’Innovation Technologique (FIT) Growth Loan.
On the closing, an aggregate amount of USD 1.3 Mio (CHF 1’245’000) is comprised of Convertible Loans totaling CHF 745’000 solely from Comphya shareholders, and the FIT Growth Loan of CHF 500’000.
The proceeds will be used for the execution and completion of the pilot clinical trials, a major milestone for Comphya to bring out CaverSTIM to benefit ED patients. The pilot clinical trials will assess the device safety and preliminary efficacy in spinal cord injury and prostatectomy patients and are planned to start early Q2.2021.
“With the Bridge Financing, Comphya secures the execution and completion of a key milestone and major value-adding steps, the pilot clinical trials. We appreciate the extraordinary support and commitment from our investors, which was reflected by the record time of just 2 weeks to close the target investment amount. We also appreciate the support of FIT, which provided key support at Comphya’s embryonic phase with the FIT Seed loan, and now again with the FIT Growth Loan,” stated Rodrigo Fraga-Silva, CEO and co-founder.
Steven Swinson (Chairman of the Board) commented “Comphya has a unique technology solution. This Bridge Financing will help us execute our clinical pilots. Thank you to our current investors and Canton de Vaud for their support”.
This announcement is for informational purposes only.
CaverSTIM is the first implantable neurostimulator to restore erectile function, focused on non-responders to oral drugs. CaverSTIM is a neurostimulator with electrodes to be implanted in the pelvic cavity, which will activate and restore the neuronal path for penile erection. The technology consists of transmitting by radiofrequency operating instructions to the implantable unit, using an external control unit. The system includes two paddle leads with several electrodes each and connects to an Implanted Pulse Generator (IPG) to deliver electrical stimulation. The IPG, placed subcutaneously in the lower abdomen, is wirelessly programmed using a Clinician Programmer Application to enable the appropriate sets of electrodes and program the stimulation pulse sequence. The patient can turn stimulation on/off, adjust the amplitude, or select pre-defined stimulation pulse sequences using a Patient Remote Control. The IPG is periodically recharged using the external wireless Charger.
About Comphya SA
Comphya is a medical device company based in Lausanne, Switzerland, developing a novel implantable device to restore erectile function in patients non-responsive to oral drugs (e.g., Viagra), particularly spinal cord injury and post-prostatectomy patients. Today, these patients resort to intrapenial injections or penile implants, which are the only available yet painful, problematic and outdated therapies.
Comphya’s patented solution is based on neuroprosthetic principles and offers a unique and superior treatment for erectile dysfunction. The system stimulates the cavernosal nerve (pro-erectile nerve) via external wireless controllers, to restore natural penile erection. The company’s goal is to offer physiological sexual function and quality of life to large parts of the male population in great need.
For any question, don’t hesitate to contact Rodrigo Fraga-Silva, PhD / CEO & Co-founder
Source: Press release