Medical Microinstruments Secures $75M to Advance Robotic Microsurgery
PISA, Italy - July 20, 2022 - Medical Microinstruments, Inc. (MMI), a robotics company dedicated to improving clinical outcomes for patients undergoing microsurgery, today announced it has raised $75 million in Series B financing. Deerfield Management led the round with participation from new investors, RA Capital Management and Biostar Capital, as well as existing investors, Andera Partners, Fountain Healthcare Partners, Panakes Partners and Sambatech. The company also announced the addition of three new members to its board of directors.
In addition, the company announced its corporate redomicile from Italy to the United States. The recently opened Center of Excellence facility in Pisa, Italy, with 96 employees will continue to be the hub of the company`s research and development, manufacturing, and other business activities.
Proceeds from this financing round and the company`s planned U.S. presence will launch MMI into its next stage of growth as it continues its mission to improve the quality of patient care by pushing the boundaries of microsurgery. The company seeks to expand indications and support ongoing commercialization efforts for the Symani® Surgical System in Europe where it received CE mark in 2019. MMI also intends to accelerate plans to commercialize in the U.S. and Asia-Pacific, as well as advance clinical research including securing an Investigational Device Exemption (IDE) from the U.S. Food and Drug Administration to conduct a pivotal study. The Symani System was developed specifically to address the challenges of microsurgery and is the only system that offers NanoWrist® Instruments designed to improve a surgeon`s ability to access and suture small, delicate anatomy.
"This financing round, coupled with our commitment to access the U.S. market and the addition of visionary leaders to our board, is an exciting moment for the surgical robotics space," said Mark Toland, CEO of MMI. "We`re pleased to have bridged the Atlantic with premier U.S. life science investors, and existing European investors, who share our same vision of bringing microsurgical robotics to the world."
The company`s new board members are Andrew ElBardissi, MD, Tess Cameron and Arturo Baroncelli. Dr. ElBardissi is a partner at Deerfield Management, with extensive experience serving as a board member for innovative healthcare companies. Ms. Cameron serves as principal for RA Capital Management and currently sits on the boards of Avilar Therapeutics and Nodexus Inc. Baroncelli previously worked as a robotics business development manager for Comau and will represent MMI`s founders on the board.