The funds will be used to scale the organisation and accelerate its technologies for use in the US.
SymPhysis Medical, a medtech based out of Galway’s GMIT Innovation Hub, has been given a $1.25m grant by the Rhode Island Life Science Hub to accelerate the US development of its Releaze Drainage System. The start-up previously announced its plans for US growth earlier this year.
Founded in 2018, SymPhysis develops palliative care solutions for patients in the end stages of illness. For example the development of a digital catheter device that can address the build-up of fluid in the bodies of those with advanced cancers.
The grant will be put towards growing SymPhysis’ Releaze Drainage System, an at-home solution for managing malignant pleural effusion in late-stage cancer patients. This is a build up of fluid in the chest that can result in breathlessness and pain.
Additionally, the funds will enable SymPhysis to establish its first US base of operation in Rhode Island, as it works to build a network and push for US regulatory clearance.
The Rhode Island Life Science Hub is state-backed and the funds given are part of a $4.5m package announced by the organisation with the intention of further boosting Rhode Island’s life sciences sector.
Tim Jones, the co-founder and CEO of SymPhysis said, “This funding gives us the runway to put a team on the ground in the United States, complete key testing and move Releaze towards first regulatory clearance.
“For Irish medtech, the northeast corridor is where many of the big decisions in cancer care are made. Having Rhode Island Life Science Hub backing us to build there is a strong signal that what we are doing for late-stage cancer patients matters.”
It has been a formative couple of years for the medtech start-up as it has built upon its reputation in Galway, announcing successful funding rounds and working towards international growth and commercialisation.
The headquarters is set to remain in Galway, with Jones stating, “Rhode Island gives us a bridge into the US market, not a replacement for what we are doing here”.
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