Three life sciences projects win FONGIT Innovation Fund (FIF) financing
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Three innovative projects in the life sciences sectors took home funding from the FONGIT Innovation Fund (FIF) in Geneva: two CHF 100k seed loans for Adjust Medical SA, and Clee Medical; and one CHF 50k grant for Neurovia Bioelectronics.
Seed Loan of CHF 100,000 awarded to Adjust Medical SA
Primary mitral regurgitation (MR) affects nearly 2% of the population and is associated with reduced survival rates, with 2 million sufferers in the U.S. alone—a figure expected to double by 2030. Current treatments primarily target symptomatic patients with medium to high surgical risk, leaving a gap for earlier, more effective interventions.
Adjust Medical SA aims to fill this gap by offering a first-line therapy for MR that preserves future treatment options, mimics proven surgical techniques, and simplifies patient screening. This project closely collaborates with the Geneva University Hospitals (HUG). The FIF has awarded a Seed Loan of CHF 100,000 to Adjust Medical SA, providing crucial support to advance their mission of stopping disease progression and improving long-term outcomes for patients with MR.
Seed Loan of CHF 100,000 awarded to Clee Medical (picture)
Clee Medical, a project supported by the Wyss Center, has introduced the first and only live, ultra-high resolution, AI-guided navigation system for brain surgery, designed to make procedures faster, safer, and more effective. This scalable, multi-use technology aims to enhance patient safety by virtually eliminating the costs and complications associated with haemorrhage. Having recently won Stage 1 of VentureKick, Clee Medical is now set to accelerate its mission with the support of a FIF Seed Loan, enabling further development and broader deployment of their innovation in neurosurgery.
Grant of CHF 50,000 awarded to Neurovia Bioelectronics
Neurovia Bioelectronics, an EPFL project at Campus Biotech in Geneva, is transforming blood pressure management with its innovative, on-demand solution. Effective blood pressure management is crucial in preventing serious health issues such as fainting, falls, dementia, heart failure, and strokes. Neurovia Bioelectronics’ solution addresses a significant treatment gap by offering a stimulating stent for renal nerves that is both reversible and deployable through a minimally-invasive implant.
This groundbreaking technology is particularly aimed at the 30% of people aged 70 and above, with the potential to save approximately 20,000 lives each year and significantly improve the quality of life for those suffering from postural hypotension. Additionally, it offers promising applications for other autonomic dysfunctions and neurological diseases.
Applying to the FIF
The FIF meets several times a year to evaluate and award startups with funding, supporting local innovation that has a far-reaching impact on both the market and society.
The next deadline to apply for the FIF is 15 September 2024.
Source: press release
📸 Matthew Lapinski (left) and Abed Hammoud (right), co-founders of Clee Medical. © Clee Medical.