MedTech firm SymPhysis Medical raises €1.9m in new funding
Galway based medical technology start up SymPhysis Medical has raised over €1.9 million in new investment.
The company was founded by Tim Jones and Dr Michelle Tierney.
It is developing a medical device that takes a holistic approach to the palliative care of cancer patients who suffer from a build-up of fluid in the chest enabling them to care for themselves at home rather than being treated in a medical setting.
It hopes to use the funding to complete development of its product and to market it in the US.
The investment round is being led by the Halo Business Angel Network (HBAN), and a joint initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland.
Business angels in three HBAN syndicates – the MedTech Syndicate, Irrus Investments and Booole Investment Syndicate – invested a combined €925,000, alongside DBIC Ventures, Enterprise Ireland and a private investor.
Malignant pleural effusion is a condition experienced by around half of metastatic cancer patients and can cause severe shortness of breath and chest pain.
Using novel technologies, SymPhysis Medical is developing a discreet drainage device called ‘releaze’, which is less invasive than competitor devices on the market and can be removed after just 30 days.
After being fitted in a medical setting, the device can be managed by patients themselves without the assistance of a nurse – thereby minimising hospital visits.
The company has now filed two patent applications relating to the novel aspects of the technology used to create the device.
“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,” Tim Jones, CEO and co-founder of SymPhysis Medical said.
“The support of business angels from HBAN is essential as we embark on the next steps of our company’s journey,” he added.
(Source: RTE News)