Medical device company Gecko Biomedical has closed a 8 million euros ($11 million) Series A financing round. The financing was co-led by Omnes Capital and CM-CIC Capital Finance, and joined by CapDecisif Management.
Gecko Biomedical, a privately owned medical device company based in Paris that is developing novel biodegradable surgical wound closure solutions, announced the closing of a €8 million ($11m) Series A financing round. The financing was co-led by Omnes Capital and CM-CIC Capital Finance, and joined by CapDecisif Management.
Gecko Biomedical develops paradigm-shifting surgical wound closure products that harness revolutionary ‘bio-inspired’ biodegradable and biocompatible adhesive substances to deliver ‘on-demand’ wound closure during surgical procedures in the presence of body fluids, such as blood. The Company’s products include light-activated adhesive liquid films and patches, both of which improve the safety and efficiency of wound closure inside the body, and are ideally suited for use during minimally invasive (or “keyhole”) surgery. The technologies have been successfully assessed in multiple surgical settings in preclinical models, thereby validating the benefits for a wide range of medical applications.
Created in 2013, Gecko’s rapid development is based on the close relationships between the founders: Bernard Gilly and his iBionext Network; world-leading scientists Robert Langer from the Massachusetts Institute of Technology (Cambridge, MA, USA) and Jeff Karp from the Brigham and Women’s Hospital (Boston, MA, USA), both leading experts in the field of bioengineering and regenerative approaches; as well as with Christophe Bancel, member of the iBionext Network and founding CEO of Gecko Biomedical. Jacques Marescaux from the Institute of Research Against Digestive Cancer (Strasbourg, France), an expert in the use of laparoscopy (keyhole surgery), complements this high-profile team.
“Nature provides us with great inspiration for developing solutions to medical challenges, and wound closure is no exception. This is an area of huge importance that has seen minimal innovation in recent years and where we still use sutures and staples, which have many inherent limitations. Looking to nature, our scientists observed adhesive mechanisms that function in challenging but comparable environments and this enabled them to envision completely new solutions for wound closure,” said Robert Langer, co-founder and David H. Koch Institute Professor at MIT. “We are proud to see that, through this financing, the innovation born within our laboratories can now be translated into innovative solutions designed to improve patient outcomes and potentially reset the practice of minimally invasive surgery.”
Christophe Bancel, founding Chief Executive Officer of Gecko Biomedical, commented: “We have clearly demonstrated the robustness and effective use of our technology platform in multiple relevant models. We are excited that our innovations address for the first time the three key criteria for a successful wound closure product: they are non-toxic, bind tissues strongly offering a leak-proof seal, and work well within the wet environment in the body, including in the presence of blood. These important features will allow us to rapidly address many current surgical challenges, including minimally invasive surgery, to deliver tremendous value for patients and the healthcare system.”
This investment will allow Gecko Biomedical to rapidly pursue its development plan, from industrialization through regulatory development, to obtain the CE mark for its adhesive liquid film for use in vascular reconstruction, as well as advancing its development in minimally invasive settings.
“Gecko Biomedical is developing solutions that are revolutionary in the field of surgical wound closure and we believe that this will set new standards, with key benefits, in particular in minimally invasive settings.” says Alexia Perouse, Co-Head Venture Capital & Partner at Omnes Capital.
“We have a strong confidence in both the products and the ability of Gecko’s experienced team of founders to rapidly bring its portfolio of products to the market,” added Karine Lignel, Director at CM-CIC Capital Innovation.
Alexia Perouse of Omnes Capital and Karine Lignel of CM-CIC Capital Innovation will join the Gecko board of directors.
Notes to Editors
About Gecko Biomedical
Gecko Biomedical is a privately owned medical device company based in Paris, France that is dedicated to the rapid development and the commercialization of revolutionary biodegradable sealants and adhesives for wound closure in the field of surgery, with a key focus on minimally invasive surgery. Gecko Biomedical is developing products that are non-toxic, bind strongly to tissues and deliver ‘on-demand’ wound closure within the ‘wet’ and dynamic environments in the body. The Company’s technology and products are based on world-class research and intellectual property from the laboratories of Robert Langer (MIT) and Jeff Karp (Brigham & Women’s Hospital). Gecko was founded in 2013 and is backed by leading healthcare investors Omnes Capital, CM-CIC and CapDecisif Manangement.
Further information: www.geckobiomedical.com or @geckobiomedical or www.linkedlinkedin.com/company/gecko-biomedical
About iBionext Network
iBionext is a network of professionals founded by Dr Bernard Gilly, that brings together visionary academic experts in disruptive technologies and world-class entrepreneurs and executives to improve the lives of patients.
Since its inception in 2012, the iBionext Network has founded six Medtech and Biotech companies, of which four have already been financed: Enterome, Pixium Vision, GenSight Biologics and Gecko Biomedical, all of which are based in Paris around the Institut de la Vision. So far, the funds raised in Series A financing rounds by these four companies has totaled more than €70 million.
About Omnes Capital (formerly Crédit Agricole Private Equity)
Omnes Capital is a major player in private equity, with a commitment to financing SMEs. With €1.8 billion in assets under management, Omnes capital provides companies with the capital needed to finance their growth and with key expertise in a number of areas: Mid and Small Cap Buyout & Growth Capital, Venture Capital in technology and life sciences, Renewable Energy, Mezzanine, Secondary Funds of Funds, Co-Investment. Omnes Capital, formerly Crédit Agricole Private Equity, was a subsidiary of Crédit Agricole until March 2012 when the company gained its independence. Omnes Capital is a signatory to the United Nations Principles for Responsible Investment (PRI).
Further information: www.omnescapital.com
About CM-CIC Capital Innovation
CM-CIC Capital Innovation is specialized in investment and support for high-potential growth companies, with strong technology expertise, in the first stages of their development. It finances firms positioned on sectors such as life sciences, information technology, industrial innovations or environment.
CM-CIC Capital Innovation is a subsidiary of CM-CIC Capital Finance, the Crédit Mutuel – CIC group’s investment and merchant bank division. With more than 2.6 billion Euros worth of equity under management and over 600 portfolio companies, CM-CIC Capital Finance is a key player in capital investment in France, backed by its own equity resources.
Further information: www.cmcic-capitalfinance.com
About CapDecisif Management
CapDecisif Management is a management company investing in high-potential innovative companies in the sectors of information and communication technology, life sciences, energy and the environment, mainly in the Paris region.
It currently manages 4 funds: the seed capital funds CapDecisif I and G1J IDF (Génopôle), together with the FCPR CapDecisif 2 and the Fonds Régional de Co-Investissement. More recently, a new FCPR, CapDecisif 3, has been set up with a target size of €40 million.
Further information: www.capdecisif.com
About the Wound Closure Market Worldwide Surgical Sealants, Glues, Wound Closure and Anti-Adhesion Markets, 2010-2015 MedMarket Diligence
The market for wound closure products is worth ~$11 billion and expected to grow at 7% per year. More than 160 million wound closure procedures take place each year of which more than 60% are a result of surgery. Adhesives and sealants represent approximately 20% (~$1.9 billion sales), with an anticipated 45% growth 2011-2015.
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