The funds will support the completion of SafeHeal’s IDE pivotal study and ensuing commercialisation efforts for its Colovac sheath.
SafeHeal has pulled in €35m ($39.7m) in Series C equity financing to validate its Colovac endoluminal bypass system.
The oversubscribed funding round was led by Solar Eclipse and included participation from new investors, including Gideon Strategic Partners and M&L Healthcare. Existing investor Sofinnova Partners also participated.
Colovac is designed to prevent anastomotic leakage following colorectal surgery, in which the colon (large intestine) is connected to the remaining rectum after a portion of the rectum has been removed. The system is, therefore, positioned as a less-invasive approach to eliminating the need for stoma bags in most patients who have undergone colorectal resection versus temporary diverting ostomy, the current standard of care (SoC) for colorectal resection, a procedure most undertaken in colon cancer patients.