Nua Surgical Secures €6.5M
9th December 2024
Nua Surgical, an Irish medical device company innovating in maternal health, has secured a €6.5 million Series A investment round. Nua is a BioInnovate Ireland spinout from University of Galway. The proceeds will be used to drive the manufacturing, testing, regulatory clearance and early commercialisation of the company product, the SteriCISION® C-Section Retractor. This innovative device is specifically designed to address the unique challenges of C-section surgery.
The Series A financing round was led by new investor EQT Life Sciences, investing through its EQT Health Economics strategy. The round was supported by new investors Texas Medical Center Venture Fund, Kidron Capital, and existing investors including Enterprise Ireland and business veterans from Ireland and the US.
Caesarean sections are the most common major surgical procedure globally, with over 30 million performed each year. The SteriCISION® C-Section Retractor is the only self-retaining surgical retractor specifically designed for the unique dynamics of Caesarean surgery.
This ergonomically designed and patented device provides fast, adjustable, and safe retraction, enabling clinicians to deliver the baby, repair tissue, and, crucially, identify bleeds. As a single-use sterile device, it aims to reduce the risk factors that lead to surgical complications, benefiting the patient, the clinician, and the healthcare system. The new investment will support Nua Surgical’s next phase of development and the early commercialization of SteriCISION®. This includes expanding the team, establishing manufacturing in Ireland, and meeting the regulatory requirements necessary to gain FDA clearance.
Barry McCann, CEO of Nua Surgical, commented, “Securing this Series A financing is a crucial milestone for Nua Surgical. It not only provides the capital needed to advance our product but also brings on board a group of experienced investors who share our vision for transforming maternal health. We are eager to leverage their expertise as we move towards commercialising SteriCISION®.”
“Nua Surgical’s SteriCISION® C-Section Retractor has the potential to significantly enhance outcomes for mothers undergoing C-Section procedures,” said Anne Portwich, Partner at EQT.
“We are excited to support the company’s journey towards market entry. This innovative device shows promise in potentially improving the quality of care and reducing healthcare costs, making it a perfect fit for our EQT Health Economics strategy.”
With this new investment, the Nua Surgical Board will be strengthened with several experienced female board members. Anne Portwich, Partner at EQT, and Anula Jayasuriya, Co-Founder of Kidron Capital, will join as Board Directors, while Gabrielle Guttman of TMC Venture Fund and Prashanthi Ramesh of EQT will serve as Board Observers.
Pictured: Nua Surgical Co-Founders Padraig Maher (left), Marie-Therese Maher and Barry McCann. Photograph: Andrew Downes, xposure.
