Galway-based Signum Surgical, the medical technology company developing innovative solutions to treat colorectal diseases, has successfully raised a further €2.9 million to support its ongoing regulatory and clinical programmes.
The financing round was led by Halo Business Angel Network’s MedTech Syndicate, a joint initiative by Enterprise Ireland, InterTrade Ireland and Invest Northern Ireland. Additional investment was secured from the Western Development Commission and other angel investors in the medical device industry.
Peter O?nody, Principal Investigator, Colorectal Surgeon, said that having had the opportunity to participate in the BioHealx study, he can attest first hand that the BioHealx device truly is a game changing technology.
"It is easy to use and the mechanism of action of internal opening closure is the solution the clinical community has been looking for since the earliest descriptions of fistula treatment. BioHealx will be the ‘go-to’ device that I will use for my anal fistula patients when it is available on the market.”
Funds from this financing round will be dedicated to Signum’s regulatory submissions and clinical studies leading to the commercialization of the Company’s BioHealxTM device, which is designed to treat anal fistula.
"This painful colorectal condition affects one in 5,000 people worldwide1 and in the United States over 90,000 surgeries are performed annually to treat anal fistula.2 Current treatment options are often unsuccessful, which frequently result in inadequate or slow healing, a high risk of incontinence, and repeat procedures.
Developed in collaboration with expert colorectal surgeons, BioHealxTM enables surgeons to treat anal fistula with a minimally invasive outpatient procedure, featuring a single use, bioabsorbable implant that is designed to close the fistula tract and dissolve in the body after treatment. The single-operation approach is designed to promote healing, prevent reinfection, and protect patient continence.
The BioHealxTM technology has the potential to eliminate the need for multiple surgeries and substantially reduce surgical trauma and healing time, while reducing cost for patients and the overall health care system.
This financing round continues the positive momentum for Signum, which successfully raised €2.6 million in 2016 and a further €3.6 million in 2019.
Moshe Zilversmit, co-founder and CEO of Signum Surgical, said they are delighted to secure an additional €2.9 million investment and grateful to our investor group for their continued support and mentorship.
"This investment will facilitate our regulatory submissions and clinical data collection leading to the commercialization of BioHealx TM, an innovative product with the potential to transform the lives of patients suffering with this severely debilitating condition.”
Alan Levy, Director of Signum Surgical, said that the strong investor interest in Signum indicates that the BioHealx TM technology is addressing a major unmet need in a significant market.
"We are excited to explore partnerships with corporate strategics interested in the space,"he concluded.
