HBAN syndicates lead €1.9M investment in SymPhysis Medical
HBAN (Halo Business Angel Network), the all-island organisation responsible for the promotion of business angel investment, and a joint initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland, today announces that three of its angel syndicates have led a €1.925M investment in Galway-based start-up, SymPhysis Medical. Angels from HBAN’s MedTech Syndicate, Irrus Investments and Boole Investment Syndicate invested a combined €925K in the company, which is developing a device that eases the discomfort and distress of fluid in the chest for cancer patients undergoing palliative care.
Tim Jones and Dr. Michelle Tierney uncovered the under-met need for effective treatment of fluid in the chest, or malignant pleural effusion, as part of the NUI Galway BioInnovate Fellowship programme. The condition is experienced by approximately half of metastatic cancer patients and can cause severe shortness of breath, chest pain and can be extremely distressing. Often, patients are fitted with an indwelling pleural catheter, which is invasive, has an uncomfortable external tube, requires frequent medical assistance and is long-term.
Tim and Michelle founded SymPhysis Medical and using novel technologies, they are developing a discreet, patient-centric drainage device called ‘releaze’, which is less invasive to place than the leading competitor devices on the market and can be removed after just 30 days. A usability study1 helped the company to ensure that after being fitted in a medical setting, the device can be managed by patients themselves without the assistance of a nurse – therefore minimising hospital visits at a time when patients wish to be at home. SymPhysis Medical has now filed two patent applications relating to the novel aspects of the technology used to create the device.
SymPhysis Medical received funding from three HBAN syndicates, as well as Furthr Ventures, Enterprise Ireland and a private investor with significant experience in the palliative and home care markets. The funding will be used to complete product development and target FDA clearance. The investment will also help SymPhysis Medical to expand its team, growing from three to seven people by the end of 2022.
The company will initially target the US market and following FDA clearance, expects test market sales to reach €1.5M in the first year, commencing Q4 2023. SymPhysis Medical is already working with two of the top five cancer care centres in the US. This work includes a clinical study that commenced in November 2021, along with human factors usability studies which will provide insights into how patients will interact with the device. The team will quickly follow the rollout in the US by seeking the CE Mark in the EU and by Q4 2025, the company expects its turnover to reach €49M.
Tim Jones, CEO and co-founder, SymPhysis Medical, said: “Palliative care is concerned with quality of life from the point of diagnosis of a life-limiting condition to the time of death. It focuses on managing distressing symptoms, such as pain and discomfort, and should also support a patient’s mental and social well-being.
“Patient and public involvement is a vital element of product development and we have worked closely with patient groups including AIIHPC (All Ireland Institute of Hospice and Palliative Care) and IPPOSI (Irish Platform for Patient Organisations, Science and Industry), as well as individuals with experience of malignant pleural effusions. These are really dedicated organisations who have provided us with invaluable insights into real patient needs, enabling us to develop the best possible device for patients. The device will not only make patients more comfortable, but it can also give them the freedom to spend time with their loved ones and remain active and mobile, without being tied to their hospital or carers.
“This funding will help us to deliver better quality of life to late-stage cancer patients and we will use it to support our international expansion, ensuring we reach as many patients as possible. The support of business angels from HBAN is essential as we embark on the next steps of our company’s journey. The angels have not only provided us with vital funding, but they also have valuable knowledge of – and experience in – our sector and a network of connections who can help us to make a meaningful global impact.”
Colin Henehan, chairperson of HBAN’s MedTech Syndicate, said: “The founders of SymPhysis Medical impressed our investors not only due to the significant market potential of their company, but also because of the real-world impact that it will have. Business angels do not just provide capital: they are personally invested in the companies which they fund. SymPhysis Medical struck a chord with our angel investors and they will work with the founders to ensure that the company is a success and reaches its financial targets, providing return on investment for funders and quality of life for patients.”
Dr David Breen, a leading Interventional Pulmonologist in Galway University Hospital, who has been advising the team for the last four years, said: “Breathlessness caused by a pleural effusion is both debilitating and limiting for patients. It has a significant negative impact on their quality of life and performance status. The ability to successfully drain the fluid and to perform this with confidence in an outpatient setting will greatly benefit patients.”
Richard Watson, Managing Partner, Furthr Ventures, said: “SymPhysis Medical’s releaze device provides a step-change improvement on existing solutions for managing fluid in the chest in late-stage cancer patients and should significantly improve their quality of life and reduce their number of clinical visits. We are very impressed with the two co-founders and look forward to working closely with the company in bringing the product to market and growing sales in international markets.”
This news was also featured in:
- RTE Radio One, Morning Ireland, 25th April 2022 – 8:30am Business News with Brian Finn
- Irish Times (print), 25th April 2022, Irish medtech start-up SymPhysis Medical raises €1.9m in funding
- Irish Times (online), 25th April 2022, Irish medtech start-up SymPhysis Medical raises €1.9m
- Irish Times (online), 25th April 2022, Business Today
- RTÉ (online), 25th April 2022, MedTech firm SymPhysis Medical raises €1.9m in new funding
- Independent (online), 25th April 2022, Galway startup raises €1.9m for palliative care technology
- Silicon Republic, 25th April 2022, SymPhysis Medical raises €1.9m to expand into US market
- Business Post (online), 25th April 2022, Out of Office
- Irish Tech News, 25th April 2022, HBAN Syndicates lead €1.9m investment in SymPhysis Medical
- Business Plus (online), 25th April 2022, Angel Investors Back Novel Cancer Treatment