avateramedical receives financing commitment of additional EUR 100 million from its majority shareholder Tennor Holding B.V.

avateramedical receives financing commitment of additional EUR 100 million from its majority shareholder Tennor Holding B.V.

Jena, Germany, August 17, 2020 - avateramedical GmbH, an innovative German medical technology company, announced today that the Company has secured an additional financing commitment of EUR 100 million from its majority shareholder Tennor Holding B.V. ("Tennor"), a global investment holding company. This new convertible debt facility will increase Tennor's total investment in avateramedical to EUR 250 million and allow for the further rapid growth of the Company. The latest financing round of the Company was a EUR 50 million convertible debt facility provided by Tennor, fully drawn down by avateramedical as of July 2020.

Lars Windhorst, Chairman of the Advisory Board of Tennor, commented: "As avateramedical's majority owner, we are impressed by the Company's advances over the last months. avatera^(R) is the first German system for robot-assisted, minimally invasive surgery and has already successfully completed CE conformity assessment. I am happy to provide additional financial assistance for the development of a cutting-edge German technology that will provide surgery teams with a reliable, cost-efficient and customizable solution for robot-assisted surgery while giving patients optimal care under the highest safety standards. avateramedical is on a consistent growth path, and I am pleased to further support the Company with this investment."

"After a period of intense preparations, we now have successfully completed the first surgeries on donated human cadavers using our avatera^(R) system. We have received highly positive and constructive feedback from surgeons and operating room teams, which provides us a solid basis to initiate our planned clinical trials in urological and gynecological surgeries. In parallel, we have expanded our team of experts in user experience, image processing, cloud computing, virtual reality and artificial intelligence with the acquisition of FORWARDttc, which provides a complementary skill set to avateramedical," said Oliver Kupka, CEO of the avateramedical Group. "We are very thankful for Tennor's significant financial commitment and the trust placed in avateramedical. On our path to market, these funds will give us the financial strength and operational flexibility to efficiently and quickly achieve our milestones."
 

About avatera^(R)

avatera^(R) is the first German system for robot-assisted, minimally invasive surgery. Tailored precisely to the needs of future users, "The German Robot" enables precise keyhole surgery (so-called laparoscopy) with the highest level of safety for patients and maximum ergonomic comfort for surgeons and surgical teams. Thanks to avatera's stringent single-use concept, surgeons always work with new, reliable instruments without the risk of cross-contamination or the need for cost-intensive sterilization processes. The use of German servers and the application of German and European data protection standards ensure maximum security for the protection of all sensitive data of clinics and patients. A certified quality management system and the CE mark document the complete conformity of avatera with all legal and formal requirements and confirm the high standards avateramedical applies to the safety and efficiency of the system.

avateramedical GmbH is an innovative German medical technology company in the field of robot-assisted surgery at high tech sites in Jena, Ilmenau and Hanover. The privately financed company was founded in 2011 by Prof. Dr. med. Jens-Uwe Stolzenburg and Dr. Hubertus von Gruenberg and financed by Lars Windhorst to combine the expertise of leading European surgeons, German top managers and excellent German engineers and software developers. avateramedical, with its current workforce of over 200 employees, aims to combine state-of-the-art medical technology with economic efficiency, quality, comfort and reliability. avateramedical GmbH is a subsidiary of avateramedical N.V.

For more information, please see https://www.avatera.eu.
 

About Tennor Holding B.V.:

Tennor Holding B.V. is a global investment holding company which invests in public and private companies through the acquisition of majority and minority stakes, as well as public and private debt instruments.

Tennor invests in special situations where its entrepreneurial innovation provides support and expertise to rapidly create value. Its portfolio is well diversified across technology, industrials, natural resources, media, entertainment & sports, retail and real estate.

Tennor was founded by Lars Windhorst, who is the ultimate beneficial owner.