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Munich / Paris / Frankfurt am Main, June 10, 2021
ADVITOS GmbH (“ADVITOS”), a Munich-based medical technology company, today announced the completion of a EUR 20 million financing round. The financing round was led by Crédit Mutuel Equity via its two subsidiaries Crédit Mutuel Equity Germany and Crédit Mutuel Innovation. In addition, ADVITOS received funding from the European Union’s European Innovation Council (EIC) Fund as part of the EIC Accelerator Pilot blended finance program.
ADVITOS developed and markets the ADVOS multi-device (ADVanced Organ Support) to provide an integrated 4-in-1 multi-organ support therapy that enables simultaneous support of all three main detoxification organs – liver, lungs and kidney – and corrects blood acid-base imbalances. Pilot trials in critically ill patients have shown that this therapy increased survival in severe organ failure from 20% up to 50%.
Multi-organ failure causes the deaths of approximately half a million intensive care patients in Western Europe and the USA every year. This is about 60 percent of all deaths in intensive care units. Due to the Covid-19 pandemic, this number has increased to around 750,000 patients in the past year. On the other hand, conventional extracorporeal procedures such as mechanical ventilation, ECMO (extracorporeal membrane oxygenation), dialysis and liver-assist therapy only support the function of one or two organs. By treating all three organs simultaneously, and not consecutively like with existing solutions, it is a holistic approach giving the patients a much better chance to recover. The ADVOS therapy is CE marked, recognized by international experts, and is already in use in the intensive care units of over 20 hospitals throughout Germany, including a number of leading university hospitals.
ADVITOS developed key proprietary components of the ADVOS therapy and the ADVOS multi-device on its own and holds several patents related to technology and process features. With the current financing round, the company intends to further increase medical evidence through clinical trials, expand its commercialization internationally and to add additional therapy features to increase ease of use of the ADVOS multi.
ADVITOS was founded in 2005 by nephrologist Bernhard Kreymann, M.D., who is also the inventor of the ADVOS therapy. ADVITOS began as a start-up in a research laboratory in Garching near Munich. Catherine Schreiber complemented Bernhard Kreymann with her business and engineering background. Together they developed ADVITOS over the years with the help of several financing rounds with the participation of private investors, the KfW banking group and employees. The company presently employs 55 people. It has received numerous awards, including the 2020 Innovation Award Bavaria, and is listed in the Deloitte Technology Fast 50 Awards 2019.
Bernhard Kreymann, founder and CEO of ADVITOS, said: “This financing round is a major step in the further development of ADVITOS. It will enable us to grow much faster in the future and to embark on several major development projects in both research & development and sales & marketing. Together with our new financing partners, we are also gaining an incredibly diverse set of competencies and expertise to support these projects and open new doors for ADVITOS.”
Delphine Cardi, PhD, Investment Director at Crédit Mutuel Innovation in Paris, added: “With this round of financing, we are extremely pleased to support not only an economically promising company but above all to improve the medical care of critically ill patients.”
Sébastien Neiss, Managing Director of Crédit Mutuel Equity in Germany, further comments: “It was important to us to make a sustainable contribution to the future of the company and its mission. To this end, ADVITOS not only receives venture capital from our colleagues at Crédit Mutuel Innovation in France, the EIC Fund and other co-investors. Through the participation of Crédit Mutuel Equity, we will also support the international development of ADVITOS by making available long-term growth capital that is not dependent on predefined time horizons. This will enable us to adapt to the growth dynamics of the company and, if required, enables us to reinvest in case of changes in the shareholder structure or future growth projects.”
Mathias Klingler, chairman of the supervisory board of ADVITOS and authorized representative of the main private investor, sees the financing round as a great opportunity to use the unique therapy from ADVITOS internationally for the further benefit of patients and thus save lives.
About Crédit Mutuel Equity
Crédit Mutuel Equity (formerly CIC Capital) is the private equity subsidiary of Crédit Mutuel Alliance Fédérale and carries out venture capital, growth capital and buyout activities.
Crédit Mutuel Equity supports business leaders at all stages of their companies’ development, from seed phase to buyout, by providing them with the means and the time required to implement their transformational projects. Crédit Mutuel Equity brings together a network of over 350 business leaders and entrepreneurs who share similar convictions and can benefit from one another’s experience, no matter the nature of their projects. Using its own funds (€3.0 billion), Crédit Mutuel Equity makes investments tailored to the time horizons and growth strategies of the companies in which it invests, whether in France, Canada, the United States, Germany or Switzerland.
For more information, see www.creditmutuel-equity.eu
About Crédit Mutuel Innovation
Crédit Mutuel Innovation is the venture capital subsidiary of Crédit Mutuel Equity. Its objective is to invest in companies developing promising technologies. Crédit Mutuel Innovation selects companies with strong growth potential in dynamic sectors such as information technology, telecommunications, electronics, life sciences, new materials and environment. For more than 15 years, Crédit Mutuel Innovation has invested – and often reinvested – its own capital to support innovative companies all along their development. Crédit Mutuel Innovation’s policy is to provide long-term equity support to innovative startups to streamline their chances of success.
For more information, see www.creditmutuel-equity.eu
About Crédit Mutuel Alliance Fédérale
One of France’s leading bank insurers, operating through nearly 4,300 branches serving 26.7 million customers, Crédit Mutuel Alliance Fédérale offers a diversified range of services to a wide range of customers, from private individuals and local professionals to businesses of all sizes.
One of Europe’s strongest banking groups, its shareholders’ equity amounted to €49.6 billion and its CET1 ratio was 17.8% at 30 December 2020.
Crédit Mutuel Alliance Fédérale is made up of the following Crédit Mutuel federations: Centre Est Europe (Strasbourg), Sud-Est (Lyon), Ile-de-France (Paris), Savoie-Mont Blanc (Annecy), Midi-Atlantique (Toulouse), Loire-Atlantique et Centre-Ouest (Nantes), Centre (Orléans), Normandie (Caen), Dauphiné-Vivarais (Valence), Méditerranéen (Marseille), Anjou (Angers), Massif Central (Clermont-Ferrand) and Antilles-Guyane (Fort-de-France).
Crédit Mutuel Alliance Fédérale also encompasses Caisse Fédérale de Crédit Mutuel, Banque Fédérative du Crédit Mutuel (BFCM) and all its subsidiaries, including CIC, Euro-Information, Assurances du Crédit Mutuel (ACM), Targobank, Cofidis Group, Banque Européenne du Crédit Mutuel (BECM), Banque de Luxembourg, Banque Transatlantique and Homiris.
For more information, see www.creditmutuelalliancefederale.fr
About EIT Digital Accelerator
EIT Digital Accelerator supports international growth of European digital tech scaleups by helping them raise venture capital and access new markets. Since 2012, EIT Digital Accelerator’s team of venture financing and business experts has been working with 300+ companies across Europe who collectively raised over €1 billion in investment.
ADVITOS developed the CE-marked and globally patented ADVOS technology (ADVanced Organ Support) – the only therapy worldwide offering multi-organ support integrated in one single device. The ADVOS therapy improves survival of ICU patients by simultaneously supporting all three main detoxification organs: the liver, the lung, and the kidney. The solution allows fluid-based elimination of: water-soluble toxins (kidney), protein-bound toxins (liver and kidney), and CO2 (lungs). In addition, the ADVOS therapy enables treatment of acid-base disbalances through patient-individual correction of the blood pH value. The ADVOS therapy is used in intensive care units at 20 leading hospitals throughout Germany and is on its way to entering the international market. ADVITOS receives funding from the European Union’s Horizon 2020 research and innovation programme.
Participants in the transaction
Finance & Tax-Advisory: Eight Advisory (Marc Niclas, Jan-Ole Burchert, Manuel Wahl)
EIT Digital Accelerator (Daniel Michel)
Legal: Goodwin Procter LLP (Gregor Klenk, Joana Pamukova), Implid Legal (Benoît Lespinasse)
Heussen Rechtsanwaltgesellschaft mnH (Cornelia Weber; Gerhard Pischel), Field Fischer (Andreas Driver),
CMS (Henrik Drinkuth; Arian Nazari-Khanachayi, Frederike Volkmann), Oppenhoff (Johannes Janning)
IP: Franck Tetaz Intellectual Property, Graf von Stosch Patentanwaltsgesellschaft mbH
Tel. +49 (0) 170 45 83 38 3 // +49 (0) 89 4111842-27
Credit Mutuel Equity – Credit Mutuel Innovation
Georg Schattney/Jan P. Sefrin
Tel. +49 (0)69 79 40 90-44/26
We are excited to announce that ADVITOS GmbH was selected as one of Europe’s 15 best social enterprises by the European Investment Bank, the EIB Institute!
Out of 280 candidates across 28 countries, the 15 high impact ventures will participate in a tailor-made training programme, and will be joining the final of the Social Innovation Tournament 2021 in Lisbon, in October.
Munich, 24th November 2020 – The Munich-based medical technology company was selected from 189 nominations by an independent jury and won the 1st main prize
The Bavarian Innovation Award is a joint initiative of the Bavarian Ministry of Economic Affairs, the Association of Bavarian Chambers of Industry and Commerce and the Association of Bavarian Chambers of Trade. Since 2012 it has been awarded every two years to Bavarian companies in recognition of outstanding innovative products, processes and technology-oriented services.
Bavaria’s Secretary of Economic Affairs, Roland Weigert, awarded the prize to ADVITOS at the virtual event on November 23, 2020. “In intensive care units, 60 % of patients die of multiple organ failure. There is a technology from Upper Bavaria that will save lives here. For the first time in the world, it has been possible to combine multiorgan support of the liver, lungs and kidneys and the direct correction of the blood pH in a single device. This is so outstanding that the ADVITOS is being honored”.
ADVITOS, which received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 880349, is based in the Munich Technology Centre (MTZ), which focuses on supporting and maintaining technology and innovation-oriented companies and promoting start-ups in the region. From there the 55 employees develop, produce and market the innovative ADVOS procedure for the treatment of multiorgan failure.
Assoc. Prof. Dr. med. Bernhard Kreymann, founder of ADVITOS and himself a nephrologist, emphasises that it is not enough to simply have an idea. “You can have an idea, but its implementation is all the more important. That is why this prize is a huge acknowledgement for the entire team, who put a lot of hard work into our product”. Kreymann further emphasizes that especially in times of COVID-19 it is important to relieve the nursing and medical staff in the hospitals. The ADVOS procedure can make this possible and is already being used to treat COVID-19 patients.
Munich, 28th September 2020 – Patients with severe multiple organ failure due to COVID-19 have been treated with the ADVOS (ADVanced Organ Support) device at the Munich University Hospital rechts der Isar and a first case has been reported in detail. The team around Prof. Dr. med. Wolfgang Huber consider a multiple organ support with low invasiveness a promising approach for severely ill patients with organ dysfunction.
Patients with severe COVID-19 develop lung failure and require oxygenation, which is often managed in Intensive Care Units. In addition, further complications include Acute Respiratory Distress Syndrome (ARDS), hemodynamic disbalance and shock. The subsequent multi organ dysfunction and failure is the main cause of death in coronavirus infections.
The multidisciplinary team around Prof. Dr. med. Wolfgang Huber report on their first case of severe COVID-19 that has been treated using the ADVOS (ADVanced Organ Support) therapy. In addition to applicable medical care the patient was treated with the ADVOS multi device – providing a multi organ support therapy based on blood purification for liver, lungs and kidneys and rapid correction of acid-base balance disorders, including CO2 removal.
During the continuous treatment using the ADVOS therapy the patient showed a noticeable improvement of the circulatory parameters, which led the team at the University Hospital rechts der Isar to conclude that less invasive approaches, like the ADVOS therapy, might be a viable treatment option for old-age-COVID-19 patients with multi organ failure.1
Assoc. Prof. Dr. med Bernhard Kreymann, founder and CEO of ADVITOS, which received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 880349, and his team are working closely with the hospitals using the ADVOS therapy. “By working together, we can ensure that the benefits of the ADVOS therapy are maximized when treating patients. We have recently improved the therapy to remove even more CO2 from the blood and therefore buy these patients more time to treat superinfections and the coronavirus itself.”
Similar results have been reported by Prof. Dr. med. Valentin Fuhrmann et. al. in their case series with 34 critically ill patients with multi organ failure.2 In these cases, the ADVOS multi device was able to correct acidosis (low blood pH), remove CO2 from the blood and eliminate water-soluble and protein-bound substances significantly. As a result, a lower mortality rate than expected could be observed in multi organ failure patients treated with the ADVOS multi.
The ADVOS therapy is designed to address the consequences of different failing organs at once by means of blood purification. As such it provides patient fluid management, renal replacement, liver and lung support in one set up. Especially the removal of CO2 from the patient’s blood and the direct blood pH correction are likely to be of benefit for patients with respiratory failure and acidosis.
Munich, 30th June 2020 – ADVITOS, which received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 880349, is one of 36 companies to receive funding from the European Innovation Council to fight the coronavirus pandemic.
In March 2020, the European Innovation Council (EIC) launched an urgent call for innovative companies to apply for EIC Accelerator funding as a response to the Corona outbreak. Almost 4,000 start-ups and small businesses applied – with over 1,400 focusing on testing, treating, and preventing the coronavirus. Following virtual interviews with the shortlisted companies, 36 projects were selected to receive funding to keep fighting the coronavirus. ADVITOS is one of only four selected companies from Germany.
Most people dying from the coronavirus suffer from a severe multiorgan dysfunction. That means that the main organs of the patients – the liver, lung, and kidneys – are not functioning correctly, adding a serious pathology to the lung failure caused by the viral infection. To positively influence the treatment of Covid-19 patients, it makes sense to involve a device capable of handling all these organs simultaneously for better results. The ADVOS therapy does exactly that. It supports the liver, lung, and kidneys as well as the direct pH correction of the blood in one single device and therefore has the potential to increase the chances of survival in severely ill Covid-19 patients.
Assoc. Prof. Dr. med. Bernhard Kreymann, inventor of the ADVOS therapy and CEO of ADVITOS, said: “We are honored and proud to receive the support of the European Innovation Council. This funding will further develop the ADVOS therapy and in this way facilitate the availability of this highly reliable treatment option for intensive care patients affected by Covid-19.”
Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth, said: “The enormous talent and pioneering ideas of innovative European companies give us hope. By increasing our support for the European Innovation Council, we are unlocking their potential and can better tackle the corona virus and help build Europe. The EIC has responded quickly to the corona crisis and has demonstrated the flexibility and effectiveness of EU funding.”
The EIC is supported through the European Commission’s Horizon 2020 Framework Programme for Research and Innovation.
For more information about the EIC visit: https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1007
We mourn for our long-time colleague and friend Prof. Dr. Wolfgang Huber.
Prof. Dr. Huber was an extraordinary personality and an outstanding doctor and researcher. During years of cooperation he was significantly involved in the development of the ADVOS therapy. Without him our therapy would not exist in this form today.
Assoc. Prof. Dr. med. Bernhard Kreymann, nephrologist and CEO of ADVITOS, says: “Throughout the past decades Prof. Dr. Huber was a reference in critical care medicine and clinical development. He was a true expert in extracorporeal organ support. During his career, he has followed innovation and excellence in the treatment of his patients and was a great teacher for his students, his staff and partners.
In fact, he was one of the pioneers in the clinical ADVOS therapy application. He contributed a lot in the development of the ADVOS therapy as a sound believer in its therapy concept and potential benefit for critically ill patients. The ADVITOS family loses a great partner, but above all, we lose a friend. Thank you, Wolfgang! Rest in Peace.“
Our deepest sympathy goes out to his loved ones.
Munich, 24th April 2020 – ADVITOS, which received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 880349, a Munich based company, is currently being used in Intensive Care Units next to ventilators to save lives of people suffering from Covid-19.
ADVITOS’s patented medical devices, unique in the world, can support simultaneously three organs, (i.e. liver, lung & kidneys) and at the same time, adjust for blood pH balance. The ADVOS multi devices are currently being used to support patients suffering from Covid-19 in the hospital rechts der Isar in Munich, Germany, and are so far showing good results.
Assoc. Prof. Dr. med. Bernhard Kreymann, nephrologist and inventor of this technology is telling us why: “As you know, most people dying from Covid-19 have a certain age, and actually do suffer from Multiple Organ Failure (MOF) eventually. In simple terms, the kidneys, the heart, the liver and the lung of these patients are not functioning correctly which adds a serious pathology to the lung failure caused by the coronavirus. To help these patients it makes sense to involve a device capable of handling all these organs simultaneously for better results”.
The so called ADVOS multi device is already being used in 20 hospitals in Germany over the last 2 years and has helped to save the lives of many patients. Generic studies (not involving Covid-19 patients) have demonstrated that this technology is drastically improving the survival rate of patients from a very low 10% for people severely sick, to up to 50%. The fact that the organs of the patients are treated through a single procedure have visible medical benefits and simplifies the tasks and complexity of the treatments for the physicians and nurses. Yet, in order to further facilitate the usage of this device, the company is currently adding the most advanced digital technologies, using artificial intelligence, into the control systems of the machine.
500,000 people are dying each year from MOF in Europe and North America. With the outbreak of the Covid-19, these statistics are likely to become even much worse. “Thousands of patients suffering from Covid-19 would need such a treatment with an ADVOS multi device, precisely because a liver failure on top of a lung dysfunction is directly related to the mortality rate, and this hold true for Covid-19.” adds Assoc. Prof. Dr. med. Kreymann.
The ADVOS therapy has been in the spotlight on television recently (SAT1.Bayern 11.04.2020 17:00) and the outcome of the current clinical studies involving patients with Covid-19 is promising, but this will still take a few weeks to get the final results. In addition, the publication of the results in medical journals will take longer. Nevertheless, the development of another innovative procedure is on its way, involving further digital technologies, to be ready on time for the future outbreaks of such bad viruses.
Munich, 30th March 2020 – ADVITOS paves the way to internationalization by recruiting Dr. Stephan Aldinger as the new Head of Sales & Marketing International.
Stephan started his professional career as the co-founder and Member of the Executive Board of TERAKLIN, a medical device business which focused on implementing a new liver support therapy (MARS). The company was later acquired by Gambro in 2004, where he took on the role of VP R&D Portfolio & Marketing for the Acute Therapies Business Unit.
In 2014, Stephan joined Baxter International Inc. as Director Therapy Marketing Acute Renal for the EMEA region and was responsible for the strategic marketing and new product launches.
Stephan, who has a PhD in Chemistry, is very excited to be part of the ADVITOS family. “I’m thrilled about the new options of the ADVOS therapy and this new approach which can significantly improve the therapy outcomes of critically ill patients. Now that ADVITOS has already achieved success on the German market, I am particularly looking forward to the extremely exciting challenge of establishing the therapy in other markets.”
When Stephan is not pursuing his passion to connect science and innovation with marketing and strategy, he is enjoying heavy metal concerts and doing some DIY work on his house extension.
Munich, 24th February 2020 – ADVITOS announces the appointment of Dr. Philipp Stolka as new Head of Research and Development with immediate effect.
Philipp joined the company in October 2019 as Deputy Head of Research and Development. Prior to this, Philipp was Chief Technology Officer and Chief Science Officer at Clear Guide Medical Inc., a medtech company in Baltimore, MD, USA that he co-founded in 2010 and where he developed image guidance systems for ultrasound-based interventions.
ADVITOS CEO and founder, Assoc. Prof. Dr. med. Bernhard Kreymann, said: “I’m delighted to welcome Philipp in our team. Philipp’s previous experiences will prove extremely valuable to us at ADVITOS as we continue our journey to grow even further and establish our innovative therapy in more markets.”
Philipp studied Computer Science at the Technical University of Kaiserslautern and received his doctorate at the University of Bayreuth. He then moved to Baltimore where he worked as a visiting and postdoctoral researcher at the Johns Hopkins University. In his 20 years of academic and professional career he specialized early on in the field of medical technology and registered more than ten international patents.
In addition to supervising various product developments and collaborating on numerous research projects, Philipp somehow also found the time to learn five additional languages and enjoy bicycle trips with his family.
Munich, 12th December 2019 – ADVITOS, which received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 880349, prevails against 5 competitors at the Nordic Financial Ecosystem Forum and wins Best Investor Pitch Award
The third Nordic Financial Ecosystem Forum in Brussels is co-hosted by Nasdaq, EQT and the Nordic Securities Association. During the event European policymakers, opinion leaders as well as representatives from the financial industry and media interact on best practices and improvements to support access to capital by companies in the Nordic and Baltic region and the EU at large.
New for this year was the introduction of the Best Investor Pitch Award. Nasdaq said via its Twitter account that it doesn’t matter if you are preparing for an IPO or looking to raise capital in the private market, you need to get investor attention. Therefore, six growth companies, selected together with the European Business Angel Network, competed for the best investor pitch– with ADVITOS being the winner.
“It is essential for young companies like ADVITOS to address potential investors and to interact with them. To be honored with the Best Investor Pitch Award is a great achievement for us and will provide us with visibility to new investors,” says Catherine Schreiber, Deputy Managing Director of ADVITOS. “The display on the Nasdaq tower in Times Square in New York is another added bonus.”