Signum Surgical is making a huge push in commercializing its BioHealx device. The Galway, Ireland-based company said it has raised about €3.6 million through two grant funding awards to get the anal fistula treatment device on the market.
The grants include €2.3 million from the European Union Horizon 2020 SME Instrument, and €1.3 million from Ireland’s Disruptive Technologies Innovation Fund (DTIF).
The company said the funding will support Signum Surgical’s CE mark and 510(k) submission. In addition, the grants will help support the launch of a 12-month clinical study of the BioHealx technology to treat patients with anal fistula.
These grants follow a €2.6 million Series A investment round, which closed in 2016. The Series A round was led by Halo Business Angel Network’s MedTech Syndicate, with additional investments from Enterprise Ireland, the Western Development Commission, Rising Tide Europe, and other angel investors.
The BioHealx technology features a bioabsorbable implant that is designed to help seal the fistula tract and dissolve in the body after treatment. The company said the technology employs a minimally invasive single-operation approach is designed to encourage healing, prevent reinfection, and protect patient continence.
Signum Surgical said the BioHealx technology may eliminate the need for multiple surgeries and substantially reduce surgical trauma and healing time for patients with anal fistulas, while reducing cost for patients and the health care system as a whole.
“Signum Surgical is a great example of a High Potential Start-Up that has not only won competitive funding on a national basis in Ireland but has also secured funding at the European level through the Horizon 2020 SME Instrument,” Garrett Murray, national director for Horizon 2020 at Enterprise Ireland, said in a release. “Ireland’s highly innovative SMEs have a strong success rate in Europe for the Horizon 2020 SME Instrument, and we are looking to continue to build on this success throughout the remainder of Horizon 2020. Enterprise Ireland advises and supports companies looking to compete for this valuable source of innovation funding to bring their products closer to market.”