Medical technology company Signum Surgical has raised €2.9 million to support its ongoing regulatory and clinical programs.
The funding round was led by Halo Business Angel Network’s medical technology syndicate, a joint initiative of Enterprise Ireland, InterTrade Ireland and Invest Northern Ireland.
Additional investment came from the Western Development Commission, as well as other angel investors from the medical technology industry.
Signum Surgical previously raised €2.6 million in 2016 and another €3.9 million in 2019.
The company now plans to commercialize its BioHealx device, which is designed to treat a colorectal condition called anal fistula.
“This investment will facilitate our regulatory submissions and clinical data collection leading to the commercialization of BioHealx, an innovative product with the potential to change the lives of patients suffering from this severely debilitating condition,” said co-founder and CEO Moshe Zilversmit.
“The strong investor interest in Signum indicates that the BioHealx technology addresses a large unmet need in a significant market. We are excited to explore partnerships with corporate strategies interested in the space,” added director Alan Levy.
Founded in 2016 by Zilversmit and Eoin Bambury, Signum Surgical is a spin-out of the National University of Ireland BioInnovate programme. The company is headquartered in Galway.