SymPhysis Medical raises €1.5m for late-stage cancer device
SymPhysis Medical announced that it has raised €1.5 million in a seed-plus funding round. The investment stems from follow-on investments from Furthr VC, Boole Investment Syndicate, Irrus Investments and HBAN’s MedTech Syndicate.
The Galway MedTech company is developing a drainage device, called ‘releaze’, for individuals with fluid in the chest, a condition which can significantly compromise the quality of life for 50% of people with late-stage cancer. SymPhysis Medical’s device will allow patients to manage their condition independently at home. The device development is guided by Dr. David Breen, a respiratory consultant at Galway University Hospital.
The Galway-based MedTech company, which initially had a team of three and now has 13 members, will use its recent funding to further expand its team, continue developing its device, and secure regulatory clearance from the US Food and Drug Administration (FDA).
They will also continue to fundraise for an additional €4.5 million in early 2024.
Tim Jones, chief executive officer, SymPhysis Medical, said: “We are now in the fine-tuning phase of our product development. The funding, along with the ongoing support we have received from Enterprise Ireland, will bring us to our initial goal of getting regulatory clearance in the US – and our ultimate goal of reaching the unmet needs of cancer patients worldwide. With half of late-stage cancer patients experiencing fluid on the chest, we know that our device will have a profound, global impact on patients and their loved ones at the most difficult time.
“From the outset, our focus has been on making this a device for patients, led by patients. Working with patients with life-limiting cancer and their loved ones has provided us with vital insights, which would have been missed if we were solely within a lab setting. These communities are end-user experience subject matter experts and our product is better because of them.”
Dr David Breen, consultant respiratory physician, Galway University Hospital, said: “Symphysis Medical has shown unwavering commitment to improving devices used for the drainage of fluid from the patient’s chest. I have been involved with the founders since their very early days in BioInnovate, and have watched the development of their technology from the initial needs assessment to the design stage and now to the end product development.
“The company has maintained a unique connection with both physicians and patients and has listened to their needs throughout. I believe that they have developed a product which will significantly enhance the patient experience and provide improved clinical outcomes. This will ensure greater independence for patients and reduce their dependence on hospital care. It will allow better control and management of their symptoms related to fluid on the chest and, in turn, result in a better quality of life for patients during the end-of-life journey.”
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