The Galway company is developing a device to help with fluid buildup in the chest, which can occur in patients with lung and breast cancer.
Irish medtech start-up SymPhysis Medical has raised €1.9 million in funding to further develop its palliative care device and expand into the US market.
The funding round was led by three syndicates from Ireland’s Halo Business Angel Network (HBAN): MedTech Syndicate, Irrus Investments and Boole Investment Syndicate.
These syndicates invested a total of €925,000 in the medical technology, with additional funding from DBIC Ventures, Enterprise Ireland and a private investor with experience in the home and palliative care markets.
SymPhysis Medical, a SiliconRepublic.com startup from the previous week, aims to combine design and digital technology to deliver a high level of patient care in the home.
The Galway-based medtech is working on a minimally invasive technology that incorporates an active component designed to treat malignant pleural effusions, or fluid buildup in the lungs. This condition can be experienced by advanced stage breast and lung cancer patients and can cause severe shortness of breath, chest pain and distress.
“The device will not only make patients more comfortable, but it will also give them the freedom to spend time with their loved ones and remain active and mobile, without being tied to their hospital or caregivers,” said Tim Jones, CEO and co-founder of SymPhysis. saying.
“This funding will help us provide a better quality of life for late-stage cancer patients and we will use it to support our international expansion, ensuring that we reach as many patients as possible,” added Jones.
SymPhysis will use the latest investment to accelerate its product development and gain approval from the US 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 sales to reach €1.5 million in the first year, starting in late 2023. The company expects its turnover to reach €49 million. euros at the end of 2025.
“The founders of SymPhysis Medical impressed our investors not only with the significant market potential of their company, but also with the impact it will have in the real world,” said Colin Henehan, president of the HBAN MedTech Syndicate.
“SymPhysis Medical wowed our angel investors and they will work with the founders to ensure the company is successful and achieves its financial goals, delivering ROI for funders and quality of life for patients.”
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