ZuriMED Closes CHF 14.5M Series-A Financing Round to Revolutionize Surgery with Surgical-Fiberlock Technology

Zurich, Switzerland--(Newsfile Corp. - August 9, 2023) - ZuriMED Technologies AG (https://zurimed.com), a Switzerland based spin-off from the University and ETH Zurich, has closed a Series A financing round worth CHF 14.5 million (USD 16.5 million) with leading healthcare investors. The financing round was led by Chindex Medical Limited (Hong Kong), a member of the Fosun MedTech enterprise, followed by Yellowstone Holding AG (Geneva) and a group of private investors that includes leading orthopaedic surgeons from Switzerland, Germany, France, and the United States.

With this funding, ZuriMED will accelerate development and market uptake of its breakthrough technology for minimally invasive surgical repair of soft tissues, a platform technology it has dubbed the Surgical-Fiberlock™ technology. The secured financing will facilitate regulatory registration of a 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.

"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.

About ZuriMED

ZuriMED Technologies AG is an innovation-driven Swiss company based in Zurich that spun off in 2015 from the Institute for Biomechanics at ETH Zurich. ZuriMED excels as an innovation engine, driven by a dynamic management team and backed by a network of world-leading scientists, clinicians, and medical industry experts. ZuriMED's strength lies in its ability to think outside the box and foster disruptive technologies that effectively tackle unmet clinical needs.

For more information, please visit: https://zurimed.com.

ZuriMED Team

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Contact
Ms. Catherine Marcelo
ZuriMED Technologies AG
Lengghalde 5
8008 Zurich
Switzerland
+41 44 552 12 28
info@zurimed.com

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