Galway-based medtech company SymPhysis Medical, which develops patient-centered solutions in palliative care and focuses on a digital catheter-based device to treat fluid buildup in the body caused by late-stage cancers, has secured €2.2 million.
- Founded in 2018 by Tim Jones and Dr. Michelle Tierney, SymPhysis Medical creates patient-centered solutions for palliative care. The company specializes in a digital catheter-based device that treats fluid buildup in the body, specifically targeting malignant pleural effusion (MPE) in late-stage cancer patients.
“Our mission at SymPhysis Medical is to enhance patient independence and comfort through thoughtful innovation," SymPhysis Medical's team, stated.
- SymPhysis Medical's flagship technology, releaze™, is a drainage system specifically developed to alleviate the symptoms of MPE, which affects up to 50% of late-stage cancer patients, causing significant shortness of breath and chest pain.
Details of the deal
The funding round received support from follow-on investments from Irrus Investments, the Irish Business Angel Network, Dublin-based MedTech Syndicate, and Boole Investments, which has invested in 50 companies and successfully exited 10. Additionally, Enterprise Ireland, which helps Irish startups scale globally, also participated in the round.
- SymPhysis Medical aims to launch in the U.S. by securing Food and Drug Administration (FDA) clearance by the end of 2025, with a focus on conducting the necessary pre-clinical studies.
- After obtaining FDA approval, the company will pursue the CE mark to market its device in Europe, expanding its presence in the global palliative care market. Additionally, the startup plans to raise €6.5 million in 2024.
