EQT Life Sciences announced that the EQT Health Economics strategy has invested in Nua Surgical, an Irish medical device company that is innovating in maternal health. EQT Life Sciences led this €6.5 million Series A financing.
This funding round was also supported by new investors Kidron Capital and the Texas Medical Center (TMC) Venture Fund, as well as existing investors Enterprise Ireland and business veterans from Ireland and the US.
The proceeds from the funding will be used to drive the regulatory clearance and early commercialization of the company product, the SteriCISION C-Section Retractor. And this innovative device is specifically designed to address the unique challenges of Caesarean-section (C-section) surgery.
C-sections are known as the most common major surgical procedure globally, with over 30 million performed each year. And the SteriCISION C-Section Retractor is the only self-retaining surgical retractor specifically designed for the unique dynamics of C-section surgery.
This ergonomically designed and patented device offers fast, adjustable, and safe retraction, enabling clinicians to deliver the baby, repair tissue, and, crucially, identify bleeds. And as a single-use sterile device, it aims to reduce the risk factors that lead to surgical complications, benefiting the patient, the clinician, and the healthcare system.
The new funding will support Nua Surgical’s next phase of development and the early commercialization of SteriCISION. This includes expanding the team, establishing manufacturing in Ireland, and meeting the regulatory requirements necessary to gain FDA clearance.
With the closing of this funding round, Anne Portwich (Partner at EQT) and Anula Jayasuriya (Co-Founder of Kidron Capital) will join the Nua Surgical Board of Directors, while Gabrielle Guttman of TMC Venture Fund and Prashanthi Ramesh of EQT will serve as Board Observers.
KEY QUOTES:
“Securing this Series A financing is a crucial milestone for Nua Surgical. It not only provides the capital needed to advance our product but also brings on board a group of experienced investors who share our vision for transforming maternal health. We are eager to leverage their expertise as we move towards commercializing SteriCISION.”
– Barry McCann, CEO of Nua Surgical
“Nua Surgical’s SteriCISION C-Section Retractor has the potential to significantly enhance outcomes for mothers undergoing C-section procedures. We are excited to support the company’s journey towards market entry. This innovative device has the potential to improve the quality of care and reduce healthcare costs, making it a perfect fit for our EQT Health Economics strategy.”
– Anne Portwich, Partner at EQT
