Oversubscribed Series A to support early commercial efforts and pipeline development
CHICAGO–(BUSINESS WIRE)–Surgical Innovation Associates (SIA), a medical device spin-out from Northwestern University, announced today it raised $4M in an oversubscribed Series A financing. The Chicago-based company is focused on developing and commercializing medical products in the rapidly growing, multi-billion-dollar market for devices in reconstructive and aesthetic surgery.
SIA has now raised $6.5M since its founding in 2016. The investor base includes key opinion leaders in plastic and reconstructive surgery; notable C-level executives of large, publicly-traded medical device corporations; and reputable new investors such as 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,” commented Paul 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!” A fellow Gopher Angels investor, Carl Stamp, former VP of Global Marketing and Strategy at Smiths Medical, added “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!”
The latest funding from the Series A round will finance early commercial efforts, further regulatory approvals, and continued development of additional products.
In addition, Ryan Egeland, MD, PhD, joined 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 (NASDAQ: CSII), after roles in marketing, medical affairs and business development at Medtronic. Prior to this, he 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,” Dr. Egeland said, “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.”
“The continued investment of time and money by clinical and business luminaries like Dr. Egeland further validate what we’re doing,” said 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.”
About Surgical Innovation Associates (SIA)
SIA is committed to bringing better outcomes to patients and lowering systemic costs through “for surgeon, by surgeon” innovation in reconstructive and cosmetic surgery. Founded in Chicago in 2016, SIA has since advanced its initial DuraSorb® product line from ideation through FDA 510k clearance and into the operating room. Much 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 plans to pursue investigation and development of additional products and indications for breast reconstruction and facial aesthetic applications, among others.
Learn more at SIA.health.
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