Connecting to LinkedIn...

Galway medtech company wins €3.6m funding

Posted on 3 months ago by Laurentina Kennedy

W1siziisijiwmtkvmdyvmjyvmtuvmdivmzyvmtqyl2rlzmvjdgl2zs1tzwrpy2fslwrldmljzxmuanbnil0swyjwiiwidgh1bwiilcizmdb4mjiwxhuwmdnlil1d

Signum Surgical plans to commercialise a device to treat a colorectal condition

 

Signum Surgical scientific advisory board member Mark Regan with chief executive Moshe Zilversmit and Eoin Bambury, co-founder and chief technology officer. Photograph: Business Wire

Signum Surgical scientific advisory board member Mark Regan with chief executive Moshe Zilversmit and Eoin Bambury, co-founder and chief technology officer. Photograph: Business Wire

A Galway-headquartered medical technology company has received €3.6 million in grant funding which will help it commercialise a device to treat a colorectal condition.

Signum Surgical, which develops minimally invasive technology to treat colorectal diseases, won a €2.3 million grant from the European Union horizon 2020 scheme and €1.3 million from Ireland’s 
Disruptive Technologies Innovation Fund (DTIF).

Signum said on Tuesday the grants would support regulatory and clinical programmes, which will lead to the commercialisation of its BioHealx device, which is designed to treat anal fistula, a colorectal 
condition that affects one in 5,000 people worldwide.

BioHealx is so designed to require only an outpatient procedure and therefore it may eliminate the need for multiple surgeries in patients with the condition, the company said. In the US alone, about 
64,000 surgeries are performed annually to treat anal fistula, although Signum says current treatments are rarely successful.

Chief technology officer Eoin Bambury said the grant funding validated the need for a “viable solution where other approaches have been unsuccessful in treating this patient population”.

The funding follows a €2.6 million series A investment round that closed in 2016, which included investment from Enterprise Ireland and the Western Development Commission.