Surgical Innovation Associates Raises $15 Million in Oversubscribed Series B Round, Appoints Veteran Medtech CEO

Financing proceeds and new leadership to support commercial expansion and ongoing, landmark clinical investigation

CHICAGO--(BUSINESS WIRE)--Surgical Innovation Associates, Inc. (SIA), a growth-stage medical device company that manufacturers fully-resorbable, biosynthetic implants for the high-growth, multi-billion-dollar markets of plastic, reconstructive, and general surgery, today announced the successful close of its Series B round of financing.

Pioneer Healthcare Partners, LP, led the $15 Million financing, which was oversubscribed. Participants included both new and existing investors, as well as current board members, who have collectively infused more than $20 million since the company’s founding in 2016. “SIA has achieved meaningful commercial, clinical, and operational milestones in a short time period and amidst challenging market conditions,” said Robert L. Parkinson, III, who joined the board as Series B director. “This robust investment signals investors’ vote of confidence that the company’s achievements and recent strategic additions to its executive team will open up opportunities for both near- and long-term growth.”

SIA’s flagship product, DuraSorb® Monofilament Mesh, is a next-generation, bioabsorbable scaffold developed to provide mechanical support during the early phases of wound healing, enabling rapid and strong native tissue ingrowth, followed by gradual resorption over one year.^1-2 The product family is available in the US under a 510(k) clearance and in Europe under a CE mark; it is also subject of an ongoing pivotal trial for prosthetic breast reconstruction under an Investigational Device Exemption from the US FDA.

This financing milestone is an early achievement in the tenure of SIA’s new chief executive officer, Josh Vose, MD, MBA who joined in May ’21 with the charge of leading the company through a period of explosive growth, expanding enrollment in the pivotal trial, and supporting the development of additional products and indications for the DuraSorb product family.

“Josh’s combined commercial, clinical, and regulatory experience is a powerful asset to SIA at this stage in our evolution – we’re excited to have him and look forward to his ongoing leadership,” said Alexei Mlodinow, MD, MBA, SIA co-founder and board director. Dr. Mlodinow, the founding CEO of SIA, began his plastic and reconstructive surgery residency at Northwestern Memorial Hospital in June, 2021.

Dr. Vose has an extensive background in medical device development and commercialization. He has spent much of his career growing early-stage ventures to scale, with a particular focus on surgical devices in the fields of breast oncology and reconstruction, first at PEAK Surgical (creators of the PlasmaBlade) and then later at Medtronic plc, following the acquisition of PEAK. In addition to PEAK, Dr. Vose’s history included key roles at Tibion Corp. (acquired by Alter-G, Inc.), EndoArt, S.A., (acquired by Allergan), and SaluMedica, LLC. Most recently, Dr. Vose was the Chief Medical Officer for EnClear Therapies (MA), developer of a novel technology to improve drug delivery and pharmacokinetics in the central nervous system. Dr. Vose received a BS in Chemical Engineering from the Georgia Institute of Technology (Atlanta, GA), MD from the Medical College of Georgia (Augusta, GA), general surgery training at Beth Israel Deaconess Medical Center (Boston, MA), and an MBA from the Sloan School of Management at MIT (Cambridge, MA).

“Since DuraSorb’s launch, we have received clear and consistently favorable customer feedback and have seen robust growth in product adoption. SIA’s products are clearly fulfilling an unmet need in plastic and reconstructive surgery,” said Dr. Vose. “I’m incredibly proud to join the SIA team and the legacy of the founders and management, who built this company and have accomplished so much. This Series B round sets the stage for us to expand our efforts to raise the standard of care in surgery.”

About Surgical Innovation Associates (SIA)

Founded in Chicago in 2016, SIA created the DuraSorb® product family and has led it from ideation through FDA 510k clearance, CE marking, and into the operating room. The company is based in Chicago, IL (USA) and DuraSorb is commercially available in the USA and Europe. Use of DuraSorb®, like any implantable medical device, carries risk of complications that may arise from the surgical implantation procedure or from the device itself. A full list of Warnings and Precautions is available in the Instructions for Use documents for US and EU surgeons. In the United States, the device has been cleared only for use in reinforcement of soft tissue where weakness exists, and remains investigational for specific applications in breast reconstruction and aesthetics.

Learn more at sia.health.

About Pioneer Healthcare Partners, LP

Pioneer Healthcare Partners, LP (“PHP”) is the private equity arm of Pioneer Group Holdings, LLC (“Pioneer”) the investment office for the Parkinson Family. Pioneer was founded in 2018, by Robert L. Parkinson Jr., the former Chairman and CEO of Baxter International. PHP has a specific focus on investing in industries such as Healthcare.

References

1. Clinical data on file. Study 19-002: Real-World Application of DuraSorb® Monofilament Mesh: An Open-Label Registry Study of Soft Tissue Support in General and Plastic Surgery.
2. Mlodinow A, Yerneni K, Hasse M, Cruikshank T, Kuzycz M, Ellis M, et al. Evaluation of a Novel Absorbable Mesh in a Porcine Model of Abdominal Wall Repair. Plast Reconstr Surg Glob Open. 2021;9:e3529.