Alesi Surgical has raised €6m (£5.2m) to accelerate commercialisation of its Ultravision product.
The new investment comes from two leading med tech (medical technology) European venture capital firms, Panakes Partners and Earlybird, with continued support from Alesi Surgical’s existing shareholders, IP Group plc and Finance Wales Limited.
The funds raised will be used to drive commercial expansion of both Alesi Surgical and Ultravision into the United States and other key markets worldwide, and to undertake additional research and development around the new Ultravision technology.
Alesi Surgical has also announced the appointment of three new directors, strengthening its board with key expertise to take the company and its products forward. Joining as non-executive director Phil Cooper previously president at Molnlycke Healthcare, is a recognised leader in global commercialisation and growth of privately owned companies in the med tech sector.
As part of the investment Thom Rasche, partner at Earlybird and previously vice president Europe of Ethicon Endosurgery; and Alessio Beverina, founding partner at Panakes Partners, will both join the board as investor directors.
Dr Dominic Griffiths, managing director of Alesi Surgical, said: “Earlybird and Panakes are two highly respected European venture capital companies and in such a competitive funding environment their interest in Alesi and Ultravision speaks volumes for our potential. With the three new additions to the board we have expanded our expertise in this market and having four corporate investors places us in a strong position for future growth.”
The funds have been raised following the recent approval of the company’s leading proprietary technology platform, Ultravision, by both the US FDA (Food and Drug Administration) and Japanese Ministry of Health, and the commercial traction it is already gaining in already approved markets in Europe and the Middle East.
The Ultravision system is the world’s first use of electrostatic technology to clear the vapour and particulate matter – so called “surgical smoke” – that is generated by modern surgical cutting instruments during abdominal keyhole (laparoscopic) surgery.
The medical device produces a low-energy electrostatic charge and can greatly improve visibility for surgeons by actively eliminating surgical smoke as it is created by the cutting instrument. Minimising healthcare professionals’ exposure to surgical smoke is increasingly important worldwide because of concerns over the health risks of long-term exposure.
The technology also benefits the patient as it minimises the amount of cold, dry carbon dioxide gas – used to create a working space inside the abdomen – that a patient is exposed to during the keyhole procedure. Excessive use of carbon dioxide contributes to cardiovascular problems, complications in anesthesia, post-surgical pain and longer recovery time for the patient.
