Friday, June 22 12:53:20
Royal College of Surgeons in Ireland (RCSI) spin-out, SurgaColl Technologies Limited, a tissue regeneration company based in the Rubicon Centre in the Cork Institute of Technology has received E500,000 in new funding.
The total investment in the company is now in excess of E2 million from a funding syndicate including AIB Seed Capital Fund, Harmac Medical Products, Enterprise Ireland and a number of private investors in the UK, France and Singapore.
SurgaColl Technologies is a venture capital backed start-up company established in 2010 to commercialise a portfolio of implantable orthopeadic products developed by the Tissue Engineering Research Group at RCSI.
The products are highly innovative and formulated, using naturally derived materials, for the regeneration of human tissue, including bone and cartilage.
The multi million euro investment coincides with the licensing by SurgaColl Technologies of breakthrough technologies from RCSI for the regeneration of human tissue.
Eric Reed, a Partner in Enterprise Equity, says: "Enterprise Equity is delighted to have invested in this breakthrough medical technology which is at the cutting edge of tissue regeneration development. SurgaColl Technologies and the Tissue Engineering Research Group at the Royal College of Surgeons in Ireland have developed highly innovative products which can be successfully launched to the global orthopaedics market."
Dan Philpott, CEO and co-founder of SurgaColl Technologies, commented: "This investment reflects the confidence of our investors in the company and in its collagen based platform technology. The funding will enable the company to launch its first product, HydroxyColl - an osteoinductive bone graft substitute, in the global orthopaedics market and to complete pre-clinical trials of a very promising cartilage regeneration product, ChondroColl."