Neo Medical closed a financing round of CHF 13.2 million (~USD $13.4 million). Funds will support global growth and expansion in targeted key markets.
Neo Medical has developed a universal surgical platform with five instruments and fourteen implants that cover most spine indications, including the Neo Pedicle Screw System™, pictured above. The platform includes a proprietary Controlled-Fixation technology designed to enable a more anatomically neutral, balanced and stable spine. Surgeons can limit stress overload on patients' spines, thus potentially reducing risks of screw loosening, hardware failure and eventually further reducing re-operation risks.
Single-use instruments and advanced manufacturing methods support reduction of the environmental footprint of spinal fusion surgery by 75% vs. legacy reusable systems.
Since market launch in 2Q17, Neo Medical products are now used in 250 hospitals worldwide, with over 90% of surgeries coming from recurrent users. The company seeks to double sales on a yearly basis, and has delivered +63% growth in 1Q20 despite the global pandemic context.
Concurrently, Neo Medical added two members to its Board of Directors: Michel Orsinger, formerly of DePuy Synthes, as Member, and Oern Stuge, formerly in leadership at Medtronic, as Chairman of Neo Medical Board of Directors.
"The CHF 13.2 million financing round is an important milestone for Neo Medical as we look at scaling sales and distribution up in our five strategic markets. Surgeons have validated our Controlled-Fixation value proposition to prevent stress overload on patients' spines and tackle implant failures and loosening, while further improving patient outcomes. We look forward to bringing this value proposition to more hospitals and patients worldwide," said Vincent Lefauconnier, CEO of Neo Medical.