Privately-held medtech company neoSurgical said yesterday that it raised $5.5 million in equity financing from existing investors, including Targeted Technology Fund 2.
The Dublin-based company added that it plans to raise another $1.8 million before closing the round.
The Series B funding is slated to support the development, manufacturing and commercialization of neoSurgical’s neoClose product platform.
neoClose is a system that helps surgeons close port site defects following laparoscopic abdominal surgery. Combining bio-absorbable anchors and a Vector-X closure, the system can close port site defects up to 3 centimeters.
“neoSurgical has done a remarkable job of commercializing the neoClose product for laparoscopic port site closures,” chairman Pauric O’Grady said in prepared remarks. “neoClose is achieving rapid adoption in the US and the company has recently entered into an exclusive European distribution agreement with one of the largest global leaders in healthcare.”