Medical technology specialist avateramedical is restructuring through insolvency proceedings

Medical technology specialist avateramedical is restructuring through insolvency proceedings

• Restructuring of the avateramedical group as a path to economic stability and sustainability
• Conversations with interested parties will be continued in a structured bidding process

Jena, Germany, October 12, 2023 – The avateramedical Group, an innovative German medical technology company specializing in robot-assisted, minimally invasive surgery, announces that on October 10, 2023, the competent local court in Erfurt opened insolvency proceedings on the operative subsidiaries for the restructuring of the companies. During the course of the insolvency proceedings, the structured bidding process will continue to provide financial stability for the advanced product development through to broad commercialization. Lawyer Julia Kappel-Gnirs of hww hermann wienberg wilhelm, Frankfurt am Main, was appointed as insolvency administrator by the Erfurt Local Court.

With sites in Jena, Ilmenau, Altingen and Hanover, the avateramedical group is the leading German manufacturer of robotic systems for minimally invasive surgery. Highly specialized teams from various disciplines have developed a highly complex surgical robot with a unique single-use concept for minimally invasive soft-tissue surgery. The avatera system has been in clinical use at various European hospitals since spring 2022 and has been successfully used in nearly one hundred procedures. Thus, avateramedical is one of the few manufacturers in the world with a novel surgical robot that is used in clinical routine.

Attorney and insolvency administrator Julia Kappel-Gnirs comments, "The professional and highly qualified team, the distinctive know-how in a specialized and future-oriented field as well as the strong commitment of the management give me confidence that the procedural goal of a sustainable restructuring to preserve the company and its jobs will be achieved."

"The opening of the insolvency proceedings is a necessary measure towards securing the future of avateramedical. We are optimistic that this step will enable us to stabilize our financial situation," explains Jörg Buschbell, Managing Director and COO of the avateramedical Group. "The market for robot-assisted surgery is characterized by high growth and large margins. However, regulatory and technical requirements demand a high level of funding, which was largely, but not entirely covered by the existing investor base. The ongoing investor process provides us with the opportunity to attract new investors via a structured bidding process and to further develop avateramedical in cooperation with them. We are currently in constructive discussions with potential partners and investors. We are convinced that this is the right approach for our future. In close cooperation with our advisors and the insolvency administration, we are striving to find a solution that is viable in the long term."

About avatera^®

avatera® is the first German system for robot-assisted, minimally invasive surgery. Tailored to address specific user needs, the cutting-edge system enables precise keyhole surgery with the highest level of safety for patients and maximum ergonomic comfort for surgeons and surgical teams. Thanks to avatera’s 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 application of German and European data protection standards ensure maximum security for the protection of all sensitive data of clinics and patients. With a certified quality management system and the CE mark, avatera complies with all legal and formal requirements and meets high safety and efficacy standards.

avateramedical GmbH is an innovative German medical technology company in the field of robot-assisted surgery with high tech sites in Jena, Ilmenau, Hanover and Altingen. The private company was founded in 2011 and combines the expertise of leading European surgeons, German top managers and excellent German engineers and software developers. avateramedical, with its workforce of over 230 employees, aims to combine state-of-the-art medical technology with economic efficiency, quality, ergonomic comfort and reliability. avateramedical GmbH is a subsidiary of avateramedical N.V.

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

About hww hermann wienberg Wilhelm attorneys partnership

hww hermann wienberg wilhelm is a legal services provider specializing in legal advice, restructuring, insolvency and receivership. hww is represented in more than 20 cities in Germany and can draw on its own international network. hww hermann wienberg wilhelm attorneys have been appointed in thousands of insolvency proceedings by numerous insolvency courts throughout Germany during their many years of practice. Notable proceedings of the firm include, for example, the insolvencies of Holzmann, Karmann, Dww Woolworth, Germania, Thomas Cook and Minda.

For more information, please visit https://www.hww.eu.
 

Media Inquiries

MC Services AG
Katja Arnold / Eva Bauer / Dr. Regina Lutz
Email: avatera[at]mc-services.eu