Investors give ZuriMED 14.5 million Swiss francs
10 August 2023 10:44
ZuriMED Technologies has concluded a series A funding round amounting to 14.5 million Swiss francs after conversion. According to a press release, it was led by Chindex Medical Limited from Hong Kong, which is part of Fosun Pharma based in Shanghai. Additionally, investments were made by Geneva-based Yellowstone Holding and a group of private investors, including leading surgeons from Germany, France, the USA, and Switzerland.
ZuriMED plans to use the funds to accelerate the development and market launch of its innovative platform technology for minimally invasive surgical repairs of soft tissue, which the company has called Surgical-Fiberlock technology. This funding is said to facilitate regulatory approval of a first product for repairing the rotator cuff located in the shoulder.
According to ZuriMED, 500,000 rotator cuff surgeries are performed in the USA every year and 25 percent do not heal. The Surgical-Fiberlock technology improves surgical efficiency and the stability of the repair for those performing the surgery according to Patrick Denard, a leading shoulder surgeon from the USA. He added: “For patients, I expect we will see better post-operative healing, with improved functional outcomes and a quicker recovery after surgery.”
In addition to this financing round, the spin-off from the University of Zurich and the Swiss Federal Institute of Technology Zurich established in 2015 is also due to receive 2.4 million Swiss francs from the recently launched Swiss Accelerator program by Innosuisse. This aims to promote the product development and approval of a second Surgical-Fiberlock device for the minimally invasive repair of slipped disks in the lumbar region of the spine. ce/mm