Innitius has just closed a financing round. The startup, specialized in the development of in vivo diagnostic technologies based on the use of torsional ultrasounds, has closed a financing round of $1.9 million (€900,000). The company has also committed an Enisa of $486,000 (€400,000).
The company, based in Bilbao, has received $600,000 (€500,000) from Banco Santander through the Botin Foundation’s Mind the Gap program, whose aim is to encourage biotechnology entrepreneurship to enable technologies with commercial potential to reach the market. The co-founder and CEO of Innitius, Rubén Molina, says that they have also received “financing from national and international investors,” although they have not transcended their names.
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Innitius will use the funds to further develop its Fine Birth algorithm
The startup will use the funds to improve the quality system and carry out a clinical trial to perfect the Fine Birth algorithm. This is the first device developed by Innitius and allows the detection of false indications of premature birth through an intravaginal probe that transmits torsional waves.
Fine Birth is the first device developed by Innitius and allows the detection of false signs of preterm labor. The clinical objective of Fine Birth is to differentiate between a case of false preterm labor and a case of true preterm labor at the point of patient care with a portable and independent technology. Molina assures that “85% of pregnant women admitted are diagnosed with false threats of preterm labor” and each admission costs the health system $25,500 (€21,000). Innitius is in contact with various health centers to carry out clinical trials. Among them are the Biocruces Bizkaia Health Research Institute, the University Hospital of Torrejón, the Virgen de la Arrixaca University Clinical Hospital of Murcia and the San Cecilio University Hospital of Granada.
The company plans to open another round of financing within a year of four or five million euros. The startup will use this financing to carry out the regulatory clinical trial in order to obtain approval from the United States Drug Agency (FDA) and the European Union’s CE marking. Innitius plans to open a financing round of up to five million euros in one year.
Innitius is a spin off from the University of Granada, although the founders decided to move the company to the Basque Country at the end of 2019. Molina holds a degree in Construction Engineering and a Masters in Civil Engineering from the University of Granada. The other co-founders of the company are Guillermo Rus, Miguel Ángel Carvajal and Rafael Muñoz. Six people currently work in the company. Some of them are Carlos Álvarez-Iglesias, operations director, and Alberto García, research and development manager. In addition, the start-up has a consultant in the United States, Todd Snowden, who is in charge of business development.
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First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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