Two Galway-based medical technology firms have raised €3 million between them to spur further developments for their businesses.
SymPhysis Medical, a start-up focused on palliative care for late-stage cancer patients has raised €1.5 million in a funding round that it says will allow it to grow its team and help it achieve US regulatory clearance for its product.
The firm, which recently won the collaboration category at this Irish Medtech Awards, has developed a drainage device called Releaze to help treat malignant pleural effusion (MPE), or “fluid in the chest”, a common complication associated with advanced cancers.
The company, part of BioInnovate Ireland programme at the University of Galway, was founded by chief executive officer Tim Jones, and chief scientific officer Michelle Tierney.
Mr Jones said the €1.5 million, which comes after the company raised €1.9 million two years ago and includes follow-on investments from Furthr VC, Boole Investment Syndicate, Irrus Investments and HBAN’s MedTech Syndicate, comes at a crucial time for the business.
“We are now in the fine-tuning phase of our product development,” he said. “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.”
Dr David Breen, consultant respiratory physician and lead clinician for lung cancer services at 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.”
Meanwhile, FeelTect is to expand its workforce following a €1.5 million funding round to support the commercialisation of its wound treatment monitoring system.
The Spiddal company is to recruit six staff across research and development, manufacturing, project management, clinical affairs, and commercial strategy. The majority of the new roles will be based in Ireland, with commercial and clinical roles spread across the United States and Europe to support international growth.
“We recognise the challenging nature of the current economic environment for investment, so we are determined to make the most of the opportunity we’ve been given,” said FeelTect chief executive Dr Andrew Cameron.
“This funding will have an immense benefit to conducting efficacy and health economic validations of the technology, building our team, and realising commercial launch in the US and Europe. We’re also fortunate in the calibre of investors on our newly appointed board, which will provide invaluable advice and guidance on our journey forward.”
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