In 2005, Invent Medic was founded to further develop Lars Olof Henrikssons and Jan Clarén’s invention to alleivate female stress urinary incontinence. The product, which is currently marketed under the Efemia brand, has received market approval in Europe and in 2019 the company took its first steps towards becoming a selling company. Today, several distribution agreements are in place in Sweden and around Europe and the company is working hard on entering the American market.
Major health problem for women
Stress Urinary Incontinence (SUI) occurs when physical activity such as laughing, coughing, heavy lifting or running, causes the bladder to leak. Often, stress incontinence comes as a consequence of pregnancy and childbirth. Most women suffering from this problem are middle-aged or older, but younger women may also experience symptoms. This is a common problem for women all over the world, according to Manchester University around 700 million women suffer from SUI globally.
Surgery not always possible
Severe stress incontinence can be remedied with surgery. However, surgery is not possible or suitable for all women. The most common procedure is so-called sling surgery where a small strip of surgical mesh is placed under the urethra, and then acts as a hammock to prevent it from moving downwards during physical activity or other abdominal pressure. However, in countries such as the US, UK, Australia and New Zealand the vaginal mesh commonly used in the surgery is banned.
For those who do not wish to, or cannot undergo surgery, or who do not suffer extensive leakage, there are different types of incontinence protections and plastic or silicone vaginal inserts. To get an idea of the potential market, pads and adult diapers for women are estimated to sell for approximately 2,3 billion USD annually in the US alone.
Supports the body’s natural function
What distinguishes Efemia from other incontinence products is that it supports the natural closing function of the urethra, which in studies has proven to be an effective and smooth solution to the disorder. The product has a strong patent protection that is valid until 2029 in Europe and 2030 in the US. It is also design protected in the EU until 2043 and the company expects the design protection to also be approved in additional countries.
Reimbursed in several countries
In addition to its own online sales, Invent Medic has established distribution channels in Sweden and several European countries, such as Denmark, Norway, the UK, Germany, the Netherland,s and Belgium. In December, Spain was added to this list through a distribution agreement with the digital pelvic floor specialist En Suelo Firmes, that also has sales channels in other Spanish speaking countries. In addition, the company is in the final phase of preparations for submitting the application for market registration of the product in the US, something that is expected to occur in the near future.
The product is approved for prescription with reimbursement in the UK, Norway, and the Netherlands, and can be prescribed by doctors and specialists in five Swedish regions as well as 21 municipalities in Denmark. In October last year, Efemia was also included among the products eligible for reimbursement under the German health insurance system.
Building a sales company with more products
However, the continence support is not the only product intended to carry the Efemia brand. Invent Medic´s strategy is to add more products to the portfolio and the company is currently working with Norwegian industrial designer Line Iren Andersen to develop a menstrual cup. The aim is to launch this new product on the market during the second half of 2021.
According to Karin Bryder, the addition of the menstrual cup will be a first step in building a broad portfolio of products that will improve the health and quality of life for women around the world.
»For us as a company, this product fits perfectly as it, like the Efemia bladder support, focuses on vaginal health while targeting a much wider target group. This means that we can benefit from our established experience and contact network all the way from the completion of the product to market registration, marketing and sales channels. It is an ambitious timetable to aim for market launch already in 2021, but I really believe in both the product and the team’s chances to succeed in this« – Karin Bryder, CEO invent Medic.
A warrant will finance continued market expansion
At the beginning of last year, Invent Medic raised 29,8 MSEK to finance the roll-out of the bladder support product and thus taking a major step in the shift from being a development company, to a commercial company with long-term sales ambitions. As part of the capital injection, warrants were also issued, with an exercise period running from 25 February to 18 March. Upon full subscription, the warrants will provide the company with an additional 14,9 MSEK.
As a start of the IR communication planned in connection to the exercise period, Invent Medic will present a company update at Aktiedagen in Lund, organised by Aktiespararna on January 27.
The content of BioStock’s news and analyses is independent but the work of BioStock is to a certain degree financed by life science companies. The above article concerns a company from which BioStock has received financing.