An early stage medical device company focusing on women’s health has closed its first financing round. ZSX Medical has developed a bioabsorbable device to help close wounds from laparoscopic hysterectomies to help patients heal faster and improve outcomes. The move coincides with a growing shift to more laparoscopic hysterectomies over abdominal surgery.
King of Prussia, Pennsylvania-based ZSX Medical raised $1.4 million, according to an emailed company statement. ZSX raised the funds from angel investors and Ben Franklin Technology Partners of Southeast Pennsylvania, among other backers. The funds will be used to help bring its lead device — a suture alternative called Zip-Stitch Surgical Closure System — to the clinic.
ZSX Medical has had help from area businesses to develop the device according to a Philadelphia Business Journal article. Definitive Design developed the prototypes of the device. ZSX Medical collaborated with medical device developer Kensey Nash, who is serving as a contract manufacturer for Zip Stitch’s clip components. Cargill BioEngineering in New Jersey has provided analysis of product designs.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
More and more providers are offering laparoscopic surgery because it’s less invasive and recovery times are faster, which helps to reduce medical costs. In the 10 years to 2010, the percentage of hysterectomies that used less invasive surgery rose from 3 percent to 43.5 percent of procedures, according to data from the American Journal of Obstetrics and Gynecology. Abdominal surgery hysterectomies used to account for 74 percent of hysterectomies but now represents only about 36 percent.
