ZuriMED closes CHF 14.5 million Series A round

Founded in 2015 as a spinoff from the Institute for Biomechanics at ETH Zurich, ZuriMED develops smart solutions for novel treatments in sports medicine. One of its products is the Surgical-Fiberlock Technology, a novel approach for soft tissue repair designed to allow the surgeon to attach patches and sutures more easily and reliably. Applicable in orthopaedics, the technology has also shown huge potential for other indications, such as minimal invasive cardiovascular surgery.

With the newly closed funding round, ZuriMED will accelerate the development and market uptake of the Surgical-Fiberlock Technology. The secured financing will facilitate regulatory registration of the first product based on this technology that targets shoulder rotator cuff repair. ZuriMED aims to broadly leverage its groundbreaking technology to address the growing surgical device market in both the United States and Europe within the next three years.

Furthermore, with support from the recently introduced Innosuisse Swiss Accelerator Grant program, ZuriMED will receive an additional CHF 2.4 million (USD 2.7 million) of non-diluting funding. This financial boost will expedite product development and regulatory registration of a second Surgical-Fiberlock device aimed at minimally invasive surgical repair of herniated lumbar discs, also a major unmet clinical need in orthopedic medicine.

Chindex Medical Limited (Hong Kong), a member of the Fosun MedTech enterprise, led the round with support from Yellowstone Holding AG (Geneva) and a group of private investors that includes leading orthopaedic surgeons from Switzerland, Germany, France, and the United States.

“The Surgical-Fiberlock technology is a breakthrough innovation in tendon augmentation and closure that offers benefits for both the surgeon and the patient. Approximately 500,000 rotator cuff repairs are done annually in the US and yet 25% of these repairs fail to heal. We know that biology is the limitation. For a surgeon like myself, Surgical-Fiberlock technology improves surgical efficiency and strength of a repair. For patients, I expect we will see better post-operative healing, with improved functional outcomes and a quicker recovery after surgery,” said Patrick Denard, MD, a leading US shoulder surgeon.

(Press release)