Maternal Health Company Nua Surgical Secures €6.5M Series A Funding for Innovative C-Section Retractor
Galway, Ireland, 6 December 2024 – Nua Surgical, an Irish medical device company innovating in maternal health, today announced it has secured an impressive €6.5 million Series A investment round. The proceeds will be used to drive the manufacturing, testing, regulatory clearance and early commercialization of the company product, the SteriCISION®C-Section Retractor. This innovative device is specifically designed to address the unique challenges of C-section surgery.
The Series A financing round was led by new investor EQT Life Sciences, investing through its EQT Health Economics strategy. The round was supported by new investors Texas Medical Center Venture Fund, Kidron Capital, and existing investors including Enterprise Ireland and business veterans from Ireland and the US.
Caesarean sections are the most common major surgical procedure globally, with over 30 million performed each year. The SteriCISION® C-Section Retractor is the only self-retaining surgical retractor specifically designed for the unique dynamics of Caesarean surgery. This ergonomically designed and patented device provides fast, adjustable, and safe retraction, enabling clinicians to deliver the baby, repair tissue, and, crucially, identify bleeds. As a single-use sterile device, it aims to reduce the risk factors that lead to surgical complications, benefiting the patient, the clinician, and the healthcare system. The new investment will support Nua Surgical’s next phase of development and the early commercialization of SteriCISION®. This includes expanding the team, establishing manufacturing in Ireland, and meeting the regulatory requirements necessary to gain FDA clearance.
Barry McCann, CEO of Nua Surgical, commented, “Securing this Series A financing is a crucial milestone for Nua Surgical. It not only provides the capital needed to advance our product but also brings on board a group of experienced investors who share our vision for transforming maternal health. We are eager to leverage their expertise as we move towards commercializing SteriCISION®.”
“Nua Surgical’s SteriCISION® C-Section Retractor has the potential to significantly enhance outcomes for mothers undergoing C-Section procedures,” said Anne Portwich, Partner at EQT. “We are excited to support the company’s journey towards market entry. This innovative device shows promise in potentially improving the quality of care and reducing healthcare costs, making it a perfect fit for our EQT Health Economics strategy.”
With this new investment, the Nua Surgical Board will be strengthened with several experienced female board members. Anne Portwich, Partner at EQT, and Anula Jayasuriya, Co-Founder of Kidron Capital, will join as Board Directors, while Gabrielle Guttman of TMC Venture Fund and Prashanthi Ramesh of EQT will serve as Board Observers.
Photo Title: Nua Surgical Founders Padraig Maher, Marie-Therese Maher and Barry McCann. Photo Credit: Andrew Downes/ XPOSURE.
About Nua Surgical
Nua Surgical is a Galway-based medical device company founded in 2019 by Barry McCann, Marie-Therese Maher and Padraig Maher. Since spinning out of the renowned BioInnovate Ireland programme at the University of Galway, Nua Surgical have become an Enterprise Ireland HPSU company and have received global accolades for their maternal health innovation. The company has developed the SteriCISION® C-section Retractor, ergonomically designed to improve access and visualization to the uterus, reduce the risk of wound trauma and facilitate a safer surgery. The experienced founding team is bolstered with expert consultants and the recent appointment of Dr. Elizabeth Garner, global women’s health thought leader, as their board chair. For more information, go to www.nuasurgical.com
About EQT
EQT Life Sciences was formed in 2022 following the integration of LSP, a leading European life sciences venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 billion and supported the growth of more than 150 companies since it started to invest over 30 years ago. With a dedicated team of highly experienced investment professionals coming from backgrounds in medicine, science, business, and finance, EQT Life Sciences backs entrepreneurs who have ideas that could truly make a difference for patients. The team combines deep sector knowledge, analytical skills, and investment experience to provide the added value that entrepreneurs seek. For more information, go to eqtgroup.com/private-capital/life-sciences/
About The Texas Medical Center Venture Fund (TMCVF):
The Texas Medical Center Venture Fund (TMCVF) is a $50M evergreen fund that strategically invests in early-stage healthcare companies aligned with Texas Medical Center’s mission to advance life sciences innovation. As the venture capital arm of the world’s most efficient life science ecosystem, TMCVF focuses on companies that can leverage TMC’s vast ecosystem while driving breakthrough advances in digital health, medical devices, and therapeutics. For more information, go to https://tmcventurefund.com/
About Kidron Capital
Kidron Capital is the first Women’s-Health-focused fund investing in innovations that address the “Whole Woman”, both across life stages, and the entire spectrum of health conditions — from those unique to women to those that are predominant or different in women. The fund is led by two female GPs, spans Europe, US, and Israel, and invests in companies developing medical devices, diagnostics, health care services, digital health, and select therapeutics. More information available at https://kidron-capital.com/