Galway MedTech company SymPhysis Medical said today it has raised €1.5m in a seed-plus funding round.
SymPhysis Medical addresses a distressing condition experienced by people with late-stage cancer and is developing a drainage device, called "releaze", for peoples with fluid in the chest.
This condition can significantly compromise the quality of life for 50% of people with late-stage cancer.
Currently, patients must rely on a nurse or family carer for assistance with draining when they go home, but SymPhysis Medical's device will allow patients to manage their condition independently at home.
Today's investment stems from follow-on investments from Furthr VC, Boole Investment Syndicate, Irrus Investments and HBAN's MedTech Syndicate.
SymPhysis Medical was co-founded by CEO Tim Jones and Chief Scientific Officer Michelle Tierney.
The company said it will use its latest funding, which follows a €1.9m investment two years ago, to grow its team, continue the development of its device and achieve regulatory clearance from the Food and Drug Administration in the US.
New hires will be in the areas of research and development, product engineering and commercialisation.
Today's investment comes on the back of other successes this year for the SymPhysis Medical team.
Earlier this month it won the "MedTech Collaboration Award" at the Irish MedTech Awards for its partnership with the UK National Innovation Centre for Ageing (NICA).
It also won the Excellence in Innovation award at the inaugural Life Science Industry Awards earlier in the year.
Tim Jones, CEO of SymPhysis Medical, said the funding comes at an exciting time for the company as it continues to expand its team and office footprint.
"The funding, along with the ongoing support we have received from Enterprise Ireland, will bring us to our initial goal of getting regulatory clearance in the US - and our ultimate goal of reaching the unmet needs of cancer patients worldwide," Mr Jones said.
"With half of late-stage cancer patients experiencing fluid on the chest, we know that our device will have a profound, global impact on patients and their loved ones at the most difficult time," he added.
