- Surgical Innovation Associates, a medical device spin-out from Northwestern University, announced recently that it raised $4 million in an oversubscribed Series A financing
Surgical Innovation Associates (SIA) is a medical device spin-out from Northwestern University that announced it raised $4 million in an oversubscribed Series A financing. Based out of Chicago, SIA is focused on developing and commercializing medical products in the rapidly growing multi-billion-dollar market for devices in reconstructive and aesthetic surgery. Including this funding round, SIA has now raised $6.5 million since it was founded in 2016.
The investor base includes key opinion leaders in plastic and reconstructive surgery along with notable C-level executives of large publicly-traded medical device corporations, and reputable new investors like Harvard Business School Angels (Global) and Gopher Angels (Minneapolis, MN).
“Gopher Angels has a long history of investing in medical devices, and we are excited to add Surgical Innovation Associates to our portfolio,” added Paul R. Hansen, former President of 3M Mexico. “We are confident that the commitment of the leadership team will enable SIA to continue to make groundbreaking advancements in healthcare!”
Ryan Egeland, MD, PhD is also joining the SIA board as the Series A Director. Dr. Egeland is a multidisciplinary medical device executive who was recently appointed Chief Medical Officer of CSI. Previously, Dr. Egeland held roles in marketing, medical affairs and business development at Medtronic. Before that, Dr. Egeland trained as a plastic/reconstructive surgeon at Northwestern Memorial Hospital after receiving an MD with honors from Harvard Medical School.
“I’m thrilled to apply my commercial and transactional med tech background to help advance SIA’s mission of creating products for patients I treated early in my medical training,” explained Dr. Egeland. “SIA is going to do big things for patients in a field I’m passionate about, and I’m glad to be part of the team.”
This funding round will finance early commercial efforts, further regulatory approvals, and continued development of additional products.
“The continued investment of time and money by clinical and business luminaries like Dr. Egeland further validate what we’re doing,” commented Alexei Mlodinow, CEO and co-founder of SIA. “This funding will help achieve not only early sales and market-expanding regulatory milestones, but will also supercharge development of our pipeline reconstruction and aesthetic products.”
SIA has been committed to bringing better outcomes to patients and lowering systemic costs through “for surgeon, by surgeon” innovation in reconstructive and cosmetic surgery. And SIA has since advanced its initial DuraSorb product line from ideation through FDA 510k clearance and into the operating room. Just like an absorbable stitch, DuraSorb Monofilament Mesh is designed to integrate into the patient’s tissue in order to provide strong support during the critical initial phases of healing and then slowly dissolve within one year, leaving the patient free from foreign material. The company is planning to pursue investigation and development of additional products and indications for breast reconstruction and facial aesthetic applications.
“SIA’s initial product is a more cost-effective, bioabsorbable surgical mesh product that we believe has the potential to minimize long-term complications and optimize outcomes for patients!” noted Stamp.