A surgical tool company focused on innovative wound care is raising fresh capital.
The Chicago-based Surgimatix is developing a new medical device that would close wounds and supplant all types of sutures. It would work to heal the wound quickly but with with less scarring than surgical staples.
The company has started raising up to $500,000, according to a recent SEC filing.
The company’s founder, Dr. Jafar Hasan, is a Chicagoland plastic surgeon who devised the wound-closure device during his residency at University of Michigan Hospital and Health Centers, according to an article in UM’s Stephen M. Ross School of Business’ alumni magazine, Dividend. Initial funding for the company came from the Frankel Commercialization Fund, an early-stage investment fund at Ross.
Surgimatix completed pre-clinical testing that showed superior performance of the technology over other types of sutures in June 2010, according to Frankel.
The market for wound-closure products was estimated at more than $6 billion in 2010, according to MarketStrat. It is expected to continue growing 5.8 percent annually over the next 10 years.
