ZuriMED closes CHF 14.5 million series A financing round to revolutionize surgery with Surgical-Fiberlock technology

10.08.2023 12:02, Rita Longobardi

Led by Chindex Medical Limited, Yellowstone Holding AG and leading orthopaedic surgeons, the funding will be employed to expedite ZuriMED's development and adoption of revolutionary Surgical-Fiberlock technology, designed for minimally invasive soft tissue surgery.

ZuriMED Technologies, a Switzerland-based spin-off from the University and ETH Zurich, has closed a Series A financing round worth CHF 14.5 million with leading healthcare investors. The financing round was led by Chindex Medical Limited (Hong Kong), a member of the Fosun MedTech enterprise, followed by Yellowstone Holding AG (Geneva) and a group of private investors that includes leading orthopaedic surgeons from Switzerland, Germany, France, and the United States.

With this funding, ZuriMED will accelerate the development and market uptake of its breakthrough technology for minimally invasive surgical repair of soft tissues, a platform technology it has dubbed the Surgical-Fiberlock™ technology. The secured financing will facilitate regulatory registration of the first product based on this technology that targets shoulder rotator cuff repair. ZuriMED aims to broadly leverage its groundbreaking technology to address the growing surgical device market in both the United States and Europe within the next three years.

Furthermore, with support from the recently introduced Innosuisse Swiss Accelerator Grant program, ZuriMED will receive an additional CHF 2.4 million of non-diluting funding. This financial boost will expedite product development and regulatory registration of a second Surgical-Fiberlock™ device aimed at minimally invasive surgical repair of herniated lumbar discs, also a major unmet clinical need in orthopaedic medicine.

"The Surgical-Fiberlock™ technology is a breakthrough innovation in tendon augmentation and closure that offers benefits for both the surgeon and the patient. Approximately 500,000 rotator cuff repairs are done annually in the US and yet 25% of these repairs fail to heal. We know that biology is the limitation. For a surgeon like myself, Surgical-Fiberlock™ technology improves surgical efficiency and strength of a repair. For patients, I expect we will see better post-operative healing, with improved functional outcomes and a quicker recovery after surgery", said Patrick Denard, MD, a leading US shoulder surgeon.
 
ZuriMED participated in Venture Leaders China 2017, Venture Leaders Technology 2015, was ranked in the TOP 100 Swiss Startup Award in 2016, and won Venture Kick Stage 3 in 2015.
   
ZuriMED team


Source: ZuriMED Technologies press release