French startup SafeHeal has closed a €40M financing round led by Sofinnova Partners, a European venture capital firm and Singapore-based medical device company, Genesis MedTech. The colovac device aims to ease digestive surgeries.
WHY IT MATTERS
With the funding secured, SafeHeal is to continue and accelerate a running clinical trial named SAFE-2 in the US and Europe which has already been approved by the FDA. The study aims to evaluate the safety and efficacy of the novel surgery approach.
Patients with colorectal cancer usually undergo a standard surgical procedure that requires two surgeries and involves risks of physical complications such as sepsis or death. The colovac solution was invented by the French surgeon Dr Charam Khosrovani and is designed as a ten day internal flexible bypass sheath inlay that prevents leakage and contamination of the colorectal anastomotic site after an open or laparoscopic colorectal surgery. The device can be removed endoscopically, and the patient no longer requires an ostomy pouch.
This is why SafeHeal predicts that its invention will fundamentally reshape colorectal surgery and become a ‘new standard of care’ that might significantly increase the quality of patient outcome and wellbeing.
THE LARGER TREND
The French medtech company SafeHeal was founded in Paris in 2015 by MD Start II, an accelerator program to build up medical device companies.
VC company Sofinnova Partners focuses on healthcare and sustainability and backs over 500 companies and market leaders worldwide. Genesis MedTech Group specialises in value segment multi-therapy medical device products in Asia and globally.
ON THE RECORD
Karl-Heinz-Blohm, CEO of SafeHeal, stated: “This investment enables SafeHeal to bring Colovac one step closer to becoming a standard of care for patients.”
CEO and Chairman at Genesis MedTech Group, Warren Wang, said: “This collaboration will accelerate the development of this world-class endoluminal bypass sheath, benefiting both patients and practitioners.”
Antoine Papiernik, Managing Partner and Chairman of Sofinnova Partners, commented: “This round of financing marks the beginning of a new phase in SafeHeal’s strategic development. The company has come a long way since it was founded by the MD Start II team, which now leads Sofinnova’s in-house medtech accelerator.”