Medtech company is leading the charge in advancing surgical wound-healing technology.
NeoSurgical, an Irish medtech start-up, has raised $5.5m in a Series B funding round.
Headquartered in Galway (an area renowned for medtech innovation), the company’s initial product is NeoClose, approved for sale in the US and Europe, and designed to be the new standard for laparoscopic surgery port-site closure, a potential $400m opportunity.
The initial close of the Series B financing will be used to expand the development, manufacturing and commercialisation of the company’s NeoClose product platform, which is understood to be changing the standard of care in port-site closures in operations.
Rapid US adoption
NeoClose assists surgeons in closing port-side defects up to 3cm following laparoscopic abdominal surgery, by using bio-absorbable anchors and a Vector-X closure.
The system has now been used more than 25,000 times in hospitals across the US.
The $5.5m financing was led primarily by existing investors, including Targeted Technology Fund II of San Antonio, Texas.
“NeoSurgical has done a remarkable job of commercialising the NeoClose product for laparoscopic port-site closures,” said Pauric O’Grady, chairperson of the company.
“NeoClose is achieving rapid adoption in the US and the company has recently entered into an exclusive European distribution agreement with one of the largest global leaders in healthcare.”
Updated, 9.08pm, 21 June 2017: This article was updated to clarify the figure raised by NeoSurgical.