-FMX314 received both CE Mark Approval and 510(k) Clearance last quarter-
NUTH, The Netherlands, and San Diego, CA, October 12, 2016 – Fortimedix Surgical today announced the completion of an €11M Series A funding round. The round was led by Chemelot Ventures, a Netherlands-based, venture capital firm focused on investing in smart materials and life sciences, along with participation from all existing shareholders. The company will use these funds to support the U.S. and European launch of FMX314, the world’s first single-port surgery solution that is compatible with a standard 15mm trocar for use in minimally invasive abdominal laparoscopic surgery.
“We are proud to partner with Fortimedix Surgical as it launches FMX314, which we believe can deliver on the promise of single-port laparoscopic surgery,” commented Casper Bruens, Managing Director of Chemelot Ventures. “Since 2004 our firm has been involved with Fortimedix, a global leader in the field of endovascular stents, the company from which Fortimedix Surgical emerged in 2012. We have gained tremendous trust in the company’s leadership and are confident Fortimedix Surgical will achieve the ambitious commercial milestones for FMX314 as planned”.
FMX314 promises fewer port-site complications, less post-operative pain, faster recovery and exceptional cosmesis. Emulating conventional, multi-port laparoscopy makes FMX314 easy to use and enables surgeons to perform procedural steps ergonomically, allowing for a comfortable and secure single-port approach.
“We are excited to have Chemelot Ventures as an investment partner in our company, as we rapidly advance to commercialize FMX314 in key markets around the world,” said Mr. Wout Bijker, CEO of Fortimedix Surgical. “Following the recent 510(k) FDA Clearance in the U.S. and CE Mark Approval in Europe, this funding round represents another significant achievement that further enables us to offer the innovative FMX314 Surgical Platform to patients and healthcare communities around the world.”
FMX314 will be formally launched in the U.S. during the American College of Surgeons (ACS) Clinical Congress, taking place October 16 – 20, 2016 in Washington, D.C., where Fortimedix Surgical will be located at booth #1139. The European commercial launch is planned for 2017.
Additional funds were received from MKB Leningenfonds, an investment fund specializing in financing Dutch Small and Medium size Enterprises (SMEs), and Rijksdienst voor Ondernemend Nederland, a part of the Dutch Ministry of Economic Affairs.
About Fortimedix Surgical
Fortimedix Surgical is a fast growing medical device company, aiming to challenge the status quo in minimally invasive surgery by creating novel devices that capture the claimed benefits of single-port surgery. The company is headquartered in Nuth, The Netherlands, and has a US subsidiary in San Diego, CA. With a strong history as a global market leader in contract stent manufacturing, Fortimedix has been a trusted partner in the medical device industry for over 15 years. Fortimedix Surgical is committed to driving the evolution of minimally invasive surgery through smart innovation across surgical specialties to improve the quality of life of patients throughout the world.
For more information, please visit www.fortimedixsurgical.com
About Chemelot Ventures
Chemelot Ventures is a regional venture capital fund in the south of The Netherlands with a focus on smart materials and life sciences. The fund invests in product companies as well as in technology platforms and circular economy initiatives. Chemelot Ventures is the successor fund of the 2004 vintage Limburg Ventures fund which has made 21 investments.
For more information, please visit www.chemelotventures.com
Certain statements herein include “forward-looking” statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “project” or “continue” or the negative thereof or other similar words. All forward looking statements involve risks and uncertainties, including, but not limited to, the protection of intellectual property, changes to governmental regulation of medical devices, the introduction of new products into the marketplace by competitors, changes to the competitive environment, the acceptance of new products in the marketplace, conditions of the surgical industry and economic and political conditions globally. Actual results may differ materially from those contemplated or implied by the forward-looking statements. The forward-looking statements speak only as of the date of this release and Fortimedix Surgical assumes no duty to update them to reflect new, changing or unanticipated events or circumstances.
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