SymPhysis Medical raises €1.9m to help expand into US market
The company is developing products to help with fluid build-up in the lungs, which is common among lung and breast cancer patients. The post SymPhysis Medical raises €1.9m to help expand into US market appeared first on Silicon Republic.
Irish medtech start-up SymPhysis Medical has raised €1.9m in funding to develop its palliative care devices and expand into the US market.
The funding round was led by three syndicates of the Halo Business Angel Network (HBAN), 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 accelerate the treatment of malignant pleural effusions, or fluid build-up in the lungs.
This condition is said to be experienced by around half of breast and lung cancer patients and can cause severe shortness of breath, chest pain and can be extremely distressing
“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 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 its market 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,” 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,” Henehan added.
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The post SymPhysis Medical raises €1.9m to help expand into US market appeared first on Silicon Republic.