Comphya raises additional USD 1.3 million

Based in Lausanne, Comphya is a medical device company 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patients resort to intrapenial injections or penile implants, which are the only available yet painful, problematic and outdated therapies.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 medical device, CaverSTIM, 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 is planning to aunch pilot clinical trials in 2021 to assess the safety and preliminary efficacy of its device in spinal cord injury and prostatectomy patients. The study will be financed by the USD 1.3 million investment obtained in a bride funding round. The amount comprises Convertible Loans totalling CHF 745’000 from existing shareholders, and the FIT Growth Loan of CHF 500’000. The FIT Growth Loan is a financing initiative supported by the Swiss Canton of Vaud, targeting innovation and technology.

“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 two 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”.

(Press release/RAN)