Surgical Innovation Associates Raises $ 15 Million in Oversubscribed Series B Cycle, Appoints Veteran Medtech CEO



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Proceeds from funding and new leadership to support business expansion and ongoing historical clinical investigation

CHICAGO – (BUSINESS WIRE) – Surgical Innovation Associates, Inc. (SIA), a growing medical device company that manufactures fully absorbable biosynthetic implants for high-growth, multi-billion dollar plastic, plastic, reconstruction, and general surgery, today announced the successful completion of its Series B funding round.

Pioneer Healthcare Partners, LP, led the $ 15 million financing, which was oversubscribed. Attendees included both new and existing investors, as well as current board members, who have collectively injected more than $ 20 million since the company was founded in 2016. Market conditions, ”said Robert L. Parkinson, III, who has joined the board as director of Series B. “This strong investment is a testament to the vote of investor confidence that the achievements of the company and recent strategic additions to its leadership team will open up opportunities. short- and long-term growth. ”

SIA’s flagship product, DuraSorb® Monofilament Mesh, is a next-generation bioabsorbable scaffold developed to provide mechanical support during the early stages of healing, enabling rapid and strong growth of native tissue, followed by gradual resorption on a an.1-2 The product family is available in the United States under 510 (k) clearance and in Europe under a CE mark; it is also the subject of an ongoing pivotal trial for prosthetic breast reconstruction as part of an investigational device exemption from the US FDA.

This funding milestone is an early achievement in the tenure of SIA’s new CEO Josh Vose, MD, MBA, who joined on May 21 with the charge of leading the company through a period of explosive growth, expanding the number of pivotal trial registrations, and support the development of additional products and indications for the DuraSorb family of products.

“Josh’s combined business, clinical and regulatory experience is a powerful asset to SIA at this point in our evolution – we are delighted to have him and look forward to his continued leadership,” said Alexei Mlodinow, MD, MBA, SIA co-founder and director of the board of directors. Dr Mlodinow, Founding CEO of SIA, began his plastic and reconstructive surgery residency at Northwestern Memorial Hospital in June 2021.

Dr Vose has extensive experience in the development and commercialization of medical devices. He has spent much of his career developing large-scale early stage projects, with a particular focus on surgical devices in the fields of oncology and breast reconstruction, first at PEAK Surgical ( creators of the PlasmaBlade), and later to Medtronic plc, following the acquisition of PEAK. In addition to PEAK, Dr. Vose’s story included key roles at Tibion ​​Corp. (acquired by Alter-G, Inc.), EndoArt, SA (acquired by Allergan) and SaluMedica, LLC. Most recently, Dr Vose was the Medical Director of EnClear Therapies (MA), developer of new technology to improve drug delivery and pharmacokinetics in the central nervous system. Dr. Vose received a bachelor’s degree in chemical engineering from the Georgia Institute of Technology (Atlanta, GA), an MD from the Medical College of Georgia (Augusta, GA), training in general surgery at Beth Israel Deaconess Medical Center (Boston, MA) and an MBA from the Sloan School of Management at MIT (Cambridge, MA).

“Since launching DuraSorb, we have received clear and consistently positive customer feedback and have seen strong growth in product adoption. SIA’s products clearly address an unmet need for plastic and reconstructive surgery, ”said Dr Vose. “I am incredibly proud to join the SIA team and the legacy of the founders and management, who built this company and accomplished so much. This Series B cycle allows us to expand our efforts to raise the standard of surgical care. ”

About Surgical Innovation Associates (SIA)

Founded in Chicago in 2016, SIA created the DuraSorb® family of products and took it from ideation to FDA 510k clearance, CE marking and the operating room. The company is based in Chicago, IL (US) and DuraSorb is commercially available in the US and Europe. The use of DuraSorb®, like any implantable medical device, carries risks of complications that may arise from the surgical implantation procedure or from the device itself. A complete list of warnings and precautions is available in the US and EU Instructions for Use documents for surgeons. In the United States, the device has been approved only for use in strengthening soft tissue in cases of weakness, and remains under investigation for specific applications in breast reconstruction and aesthetics.

Learn more at sia.health.

About Pioneer Healthcare Partners, LP

Pioneer Healthcare Partners, LP (“PHP”) is the private equity arm of Pioneer Group Holdings, LLC (“Pioneer”), the investment office of the Parkinson family. Pioneer was founded in 2018 by Robert L. Parkinson Jr., former Chairman and CEO of Baxter International. PHP is particularly focused on investing in sectors such as healthcare.

The references

  1. Clinical data on file. Study 19-002: Real-world application of DuraSorb® Monofilament Mesh: an open registry study of soft tissue support in general and plastic surgery.

  2. Mlodinow A, Yerneni K, Hasse M, Cruikshank T, Kuzycz M, Ellis M, et al. Evaluation of a new absorbable mesh in a porcine abdominal wall repair model. Plast Reconstr Surg Glob Open. 2021; 9: e3529.

Kristof barron

[email protected]

Source: Surgical Innovation Associates, Inc.


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