Belgian holdings firm Gimv has invested CHF 7m in the series B financing round of Swiss company Endosense.
Founded in 2003 in Geneva, Endosense is a medical technology company that focuses on catheter ablation for treating cardiac arrhythmias. In 2005, it received CHF 22.6m in its first financing round. Gimv, Edmond de Rothschild Investment Partners, Neomed, VI Partners, Sectoral Asset Management, Ysios Capital Partners and Initiative Capital Romandie together invested over CHF 38 million.
This latest financing will be used by Endosense to sell its product TactiCath in the European market and start clinical studies in America.
Appromiately five million people in Europe suffer from heart fluttering. The disorder is meanly related to old age and as the population is ageing, the demand for catheter ablation is expected to increase swiftly.
As part of the transaction, Patrick Van Beneden, executive vice-president of Life Sciences at Gimv, will become a member of Endosense’s board of directors.
Van Beneden said: “Endosense has developed a product that will greatly improve the treatment of cardiac rhythm disorders. We are convinced that TactiCath will occupy a prominent place in this growing European market.”