Galway-based medical device company Nua Surgical has announced the closure of its €6.5 million funding round for its innovative SteriCISION® C-Section Retractor.
According to product designers, Nua Surgical, the funding will be used to support manufacturing, testing, regulatory clearance, and the initial market launch of the device, which is designed to address the unique challenges of Caesarean section surgery.
The financing round was led by EQT Life Sciences, one of Europe’s largest venture capital investors, with support from Texas Medical Center Venture Fund, Kidron Capital, and existing backers including Enterprise Ireland and ‘seasoned business figures from Ireland and the US’.
A game-changer in maternal health
Caesarean sections are the most common major surgical procedure globally, with over 30 million performed annually. Described as the first self-retaining surgical retractor specifically designed for the distinct demands of C-section procedures, the SteriCISION® C-Section Retractor has been labelled a ‘game-changer’ in maternal health.
Ergonomically designed, the patented device offers ‘fast, adjustable and secure retraction’, which allows doctors to deliver babies more efficiently, while also managing ’tissue repairs effectively and identifying bleeds promptly’.
As a single-use sterile device, SteriCISION® aims to mitigate risks associated with surgical complications, ultimately benefiting patients, healthcare providers, and the broader healthcare system. According to the company, this fresh investment will enable Nua Surgical to expand its team, establish manufacturing operations in Ireland, and navigate the regulatory pathways necessary to achieve FDA clearance.
Leadership and investor confidence
Following the announcement Barry McCann, CEO of Nua Surgical, said, “Securing this Series A financing is a crucial milestone for Nua Surgical. It not only provides the capital needed to advance our product but also brings on board a group of experienced investors who share our vision for transforming maternal health. We are eager to leverage their expertise as we move towards commercialising SteriCISION®.”
Expressing confidence in the company’s potential, Anne Portwich, partner at EQT Life Sciences, said, “Nua Surgical’s SteriCISION® C-Section Retractor has the potential to significantly enhance outcomes for mothers undergoing C-Section procedures.
“We are excited to support the company’s journey towards market entry. This innovative device shows promise in potentially improving the quality of care and reducing healthcare costs, making it a perfect fit for our EQT Health Economics strategy.”
Strengthening governance with female leadership
The new funding round also brings changes to Nua Surgical’s board. Anne Portwich of EQT and Anula Jayasuriya, Co-Founder of Kidron Capital, will join as Board Directors, while Gabrielle Guttman from TMC Venture Fund and Prashanthi Ramesh of EQT will serve as Board Observers. Their expertise is expected to bolster the company’s strategic direction as it moves towards commercialisation.
With this investment, Nua Surgical is set to play a pivotal role in advancing maternal health, positioning Galway as a key player in the global medtech landscape.
