From left: HBAN MedTech Syndicate chair Colin Henehan, SymPhysis Medical CEO and co-founder Tim Jones, and SymPhysis Medical CSO and co-founder Dr Michelle Tierney. Image: Michael Dillon/Dillon Photography
The Galway company is developing a device to help with fluid build-up in the chest, which can occur among lung and breast cancer patients.
Irish medtech start-up SymPhysis Medical has raised €1.9m in funding to further develop its palliative care device and expand into the US market.
The funding round was led by three syndicates of Ireland’s Halo Business Angel Network (HBAN) – its MedTech Syndicate, Irrus Investments and Boole Investment Syndicate.
These syndicates invested a combined €925,000 into the medtech, with other funding from DBIC Ventures, Enterprise Ireland and a private investor with experience in palliative and home care markets.
A previous SiliconRepublic.com Start-up of the Week, SymPhysis Medical aims to combine design and digital technology to deliver a high standard of patient care at home.
The Galway-based medtech is working on a minimally invasive technology that incorporates an active component designed to treat malignant pleural effusions, or fluid build-up in the lungs. This condition can be experienced by late-stage breast and lung cancer patients and can cause severe shortness of breath, chest pain and distress.
“The device will not only make patients more comfortable, but it can also give them the freedom to spend time with their loved ones and remain active and mobile, without being tied to their hospital or carers,” SymPhysis CEO and co-founder Tim Jones said.
“This funding will help us to deliver better quality of life to late-stage cancer patients and we will use it to support our international expansion, ensuring we reach as many patients as possible,” Jones added.
SymPhysis will use the latest investment to accelerate its product development and secure approval from the US Food and Drug Administration (FDA). The medtech also aims to grow its team from three to seven people by the end of the year
Following FDA clearance, the start-up plans to target the US market and expects sales to reach €1.5m in the first year, commencing at the end of 2023. The company expects its turnover to reach €49m by the end of 2025.
“The founders of SymPhysis Medical impressed our investors not only due to the significant market potential of their company, but also because of the real-world impact that it will have,” HBAN MedTech Syndicate chair Colin Henehan said.
“SymPhysis Medical struck a chord with our angel investors and they will work with the founders to ensure that the company is a success and reaches its financial targets, providing return on investment for funders and quality of life for patients.”
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