Otivio raised NOK 40 million for the further development of a novel low-risk method of symptom treatment for multiple sclerosis.
In the second quarter of this year, Otivio raised NOK 40 million for the continued development of a ground-breaking new low risk method for symptoms management of multiple sclerosis. New investors signed for NOK 22 million, existing investors for NOK 14 million and board of directors and management the remaining NOK 4 million.
“We are very pleased to have landed the issue under the prevailing market conditions”, says Andreas Mollatt, CEO Otivio, and continues: “Realizing the values that lie in the treatment of MS symptoms is of course exciting”. “But perhaps the most motivating thing is to be able to offer people with MS a novel and low-risk method to treat these symptoms that has such a negative impact on their quality of life”.
“The discovery of FlowOx’s effect on MS symptoms came as a bit of a coincidence”, says Andreas Mollatt. In November 2019, Laura attended a meeting at Otivio in Oslo. She was curious about FlowOx and Otivio.
Laura had been diagnosed with multiple sclerosis in 2000, and one of her most important constant symptoms is what she refers to as “cramps”, especially “night cramps” in her legs which are painful and prevent her in sleeping through the night.
When she heard about FlowOx’s positive effect on leg pain in peripheral artery disease patients, she asked the obvious question: “Do you think this can affect my “cramps and leg pain?”
We at Otivio were very skeptical, in fact we said no!
But Laura did not take no for an answer and after consulting her neurologist, who had to approve that she tried the device since FlowOx has not yet been approved for MS, she went home to try out the equipment.
Laura called the office the next day and said that for the first time in many years she had slept through the night without any problems, and that she had finally found a solution to her problems. This has continued in the following two years with two exceptions. For two shorter periods, Laura did not have access to FlowOx. Then the symptoms returned.
Symptoms treatment – a major unmet medical need
Current research on the treatment of multiple sclerosis (MS) is mainly aimed at drugs that aim to cure MS or slow down the development of the chronic and progressive disease. But when it comes to methods or drugs for the treatment of MS symptoms, very few innovations have been introduced since the 90s. The exception is medical cannabis, which for some patients has shown a positive effect on spasticity. Common to these drugs is that they, for many, have a relatively modest effect, and that they cause many side effects.
The symptoms patients experience often lead to a sharp reduction in quality of life. Central to these symptoms is spasticity or muscle cramps. This leads to stiffness, pain, movement problems, fatigue and difficulty sleeping.
Since 2010, Otivio AS has developed and certified FlowOx, which is a medical device developed for home treatment of chronic diseases. The product is a negative pressure chamber connected to a pump and is based on a patented pressure pattern that increases blood circulation in patients’ legs. The starting point has been to introduce the product in the market for the treatment of peripheral artery disease (popularly smoked bones) and diabetic foot ulcers. Clinical documentation has shown good effects and few side effects. FlowOx for these diseases is approved for the European market and sales are in an early growth phase, primarily in Norway.
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