Bowel cancer device closer as $4.3m raised
A medical device that dramatically reduces the recovery time for bowel cancer patients is a step closer to being available nationwide.
Surgical Design Studios, which designed the device that significantly improves the recovery for patients with bowel cancer and inflammatory bowel disease, has raised $4.3 million.
Chief executive Garth Sutherland said the money would allow the company to commercialise its technology and sell it to hospitals.
The company began two years ago at the University of Auckland’s medical school department of surgery, Sutherland said.
The device restores the full use of the intestinal tract after surgery or disease.
He said the pumps and tubing encouraged food to flow back into patients’ gut to get them working again sooner and reduced dehydration and complications.
The bulk of the investment was raised through Icehouse Ventures as well as Sir Stephen Tindall’s K1W1, UniServices, Eden Ventures, and the New Zealand Venture Investment Fund.
In June, Surgical Design Studios was granted breakthrough device designation by the United States Food and Drug Administration.
‘‘This is a programme designed by the FDA to help get breakthrough products to the market where there is a real need for them,’’ Sutherland said.
‘‘So what that does is helps us with our FDA submission but we will still have to get full approval, but this will help us with that and reduce the amount of time to get our clearance.’’
Co-founder and colorectal surgeon Greg O’Grady said trials at Auckland City Hospital had been positive.
‘‘With these products we are able to deliver improvements that are not achievable with current standard of care,’’ O’Grady said.
Sutherland said the company planned to launch the device in New Zealand later this year.
‘‘While we are doing that we will continue to get our regulatory clearance for the big markets, the United States and Europe,’’ he said.
‘‘We also have some more products in our R&D pipeline and we hope to bring those to market as well.’’
‘‘With these products we are able to deliver improvements that are not achievable with current standard of care.’’
Co-founder Greg O’Grady