The Luzern biomedical startup Monarch Bioimplants developing solutions to fight Post-Surgery Impotence announced that it received €1.3 Million. The funds will be used to facilitate production and accelerate market entry.
Established in 2016 in Luzern, Monarch Bioimplants is dedicated to providing solutions for the treatment of prostate cancer, the most common cancer in the world, the second most common cancer in men in Europe, North America, and parts of Africa.
The startup developed a chitosan-based medical device that reduces impotence by nearly half, three months following a radical prostatectomy surgery, which typically leaves up to 77% of patients impotent. Chitosan is a biocompatible, biodegradable material that facilitates nerve regeneration, reduces pain, prevents infections and supports the natural wound-healing process. Early trials show that, at one-month post operation, patients receiving the shield have a 46% reduced chance of impotence and 43% reduced chance of incontinence than patients who do not receive the shield.
To accelerate market entry, the Monarch Bioimplants has received €1.3 million from investors at the Venture capital firm Fast Track VC, a global platform that enables accredited investors and funds to co-invest in technology startups. This was Fast Track’s first investment deal.
“The Fast Track team is more engaged than any investors we have worked with in the past. Ruben and his team are truly focused on supporting us as we are beginning to bring the product to market. We have monthly meetings and everything has been incredibly straightforward to deal with as we work to move as quickly as possible,” Montenegro added.
“Our quality of life is improving dramatically, we are living longer than ever before, and as men live longer, it is more likely that they will develop prostate cancer. We need technologies like this to help extend the quality of life of patients after life-saving surgeries,” said Rivelino Verdier Dantas Montenegro, Managing Director of Monarch Bioimplants.
“We get about 100 startups that apply to receive investment from us every month. Monarch was our top pick this round and we are very excited about its potential to not only dominate the market, but also to improve the lives of so many people,” said Ruben Dias, Founder and CEO of Fast Track.
Picture: Sasint/Pixabay
(press release/ran)
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