This is the first investment in SurgRx from Prospect Ventures. In conjunction with this announcement, SurgRx named two new board members. Alex Barkas, venture partner at Prospect Ventures will join the SurgRx board along with Robert Anderson of Valleylab, the largest electro-surgery company in the world. In addition, the Company has received CE marking for its products to be sold in the European market.
"SurgRx is a solid company with an innovative and applicable technology that has potential for significant investment returns," said Russell Hirsch, managing director for Prospect Ventures. "Nanotechnology is both interesting and exciting but unless there is an identified market need and a viable solution to fill it, the investment potential in these companies could be limited. This is not the case with SurgRx -- it has all the right components of a successful biotech start-up."
"SurgRx will benefit tremendously from this investment as well as from addition of two talented new board members -- Alex and Robert," said Csaba Truckai, CEO of SurgRx. "This is a very exciting time for us given the new funding, new board members and the steady progress we are making on the product front."
SurgRx's Smart Electrode Technology(TM)
SurgRx's proprietary nanotechnology, which has FDA approval, controls the delivery of electro surgical energy in to the cellular level. Utilized in various surgical and laparscopic instruments, SurgRx's Smart Electrode Technology(TM) senses specific characteristics of the particular tissue type and automatically adjusts the dose energy simultaneously to various tissue types, each with its own unique characteristics.
This Smart Electrode Technology(TM) is the next generation surgical sealing technology. Secure fusion of tissues is vital to the success of various types of surgeries. SurgRx's EnSeal product family utilizes the technology's tissue-controlled energy deposition components resulting in sealing and strengthening vessels ranging in diameter from less than 1 mm to 7 mm. Fused vessel walls withstand greater than seven times normal systolic pressure and does so with no sparking, sticking or charring. Applications for SurgRx's technology include gynecology, transplantation and general surgery markets, whether used endoscopically or in open procedures. The worldwide market opportunity is in excess of $4 billion.
About Prospect Ventures
Prospect Venture Partners is a Palo Alto, California-based venture capital firm with $600 million of capital under management. The firm is dedicated to investing in outstanding biomedical technology and life science companies. Prospect targets commercially attractive health care enterprises with outstanding entrepreneurial management teams, proprietary products, and innovative technology or services with potential for significant investment returns.
Founded in 2001, SurgRx is a developer of an advanced vessel fusion system used in electro surgical devices. The Company's proprietary Smart Electrode Technology(TM) is embed in the EnSeal(TM) product family of electro surgical devices. The company is located in Palo Alto, California.