Mercury Private Equity has led an E23.7m second round of financing for Verigen Transplantation Service International (VTSI), a healthcare service provider which specialises in tissue engineering technology. Mercury invested E13.5m in the round.
Other investors included Deutsche Bank Investor, Candover Investments plc and TBG who invested the remaining E10.2 million.
VTSI, a German Company based in Leverkusen, has developed a technique for repairing cartilage in damaged joints, especially the knee. Its technology represents a significant advance in the treatment of trauma-induced damage to articular cartilage, and involves the cultivation of harvested cartilage cells in specialised GMP approved laboratory facilities. Orthopaedic surgeons now have access to procedures that are faster, less invasive and more cost effective. The company estimates that the market for cartilage repair in the US and Europe is worth E1.5 billion, of which around 40 per cent is in Europe.
Dr Samuel Asculai, president and CEO of VTSI, said: “This investment will allow the company to fulfil its business plan objectives, and expand its presence on a global basis. VTSI intends to become a world leader in cartilage tissue engineering providing excellent, cost effective medical benefits to both surgeons and patients.”
VTSI has its headquarters in Leverkusen, Germany, and has local subsidiaries operating in Denmark, the UK and Australia. It has existing laboratory facilities located in Copenhagen and Leverkusen and plans to open another one in the UK.