SymPhysis Medical, a Galway-based MedTech innovator, has successfully raised €1.5 million in a seed-plus funding round. This financial injection is the result of continuous backing from a consortium of investors including Furthr VC, Boole Investment Syndicate, Irrus Investments, and HBAN’s MedTech Syndicate. These funds are earmarked to propel the development and distribution of ‘releaze,’ a pioneering drainage device designed for individuals suffering from pleural effusion—a condition prevalent in 50% of late-stage cancer patients, where fluid accumulates in the chest causing severe discomfort and health complications.
The team behind SymPhysis Medical, initially comprising just three members, has expanded to thirteen. This growth is a testament to the company’s commitment and potential in the MedTech industry. The funding will facilitate further expansion of the team, continuous refinement of ‘releaze,’ and crucially, the pursuit of regulatory clearance from the U.S. Food and Drug Administration (FDA). Looking ahead, SymPhysis Medical is setting its sights on an additional fundraising goal of €4.5 million in early 2024, aiming to broaden their impact and reach in the healthcare market.
At the core of SymPhysis Medical’s mission is a patient-first approach, a principle that has been integral from the outset. CEO Tim Jones emphasizes the device’s development as being heavily influenced by direct patient involvement and feedback, ensuring that it addresses the real-world needs and challenges faced by those with life-limiting cancer. This approach has not only enhanced the device’s functionality but also its user-friendliness, allowing patients to manage their condition independently at home, reducing the need for hospital visits, and thereby improving their quality of life.
Dr. David Breen, a respiratory consultant at Galway University Hospital and a guiding force in the development of ‘releaze,’ praises SymPhysis Medical’s unwavering dedication to improving patient outcomes. The company’s collaboration with both healthcare professionals and patients has been a distinctive and valuable aspect of their development process. According to Dr. Breen, this has enabled SymPhysis Medical to create a product that not only meets the clinical needs but also significantly enhances patient independence and quality of life, particularly during the challenging end-of-life journey. With such an innovative product and a committed team, SymPhysis Medical is poised to make a profound impact on cancer care globally.