News provided by
Savage Medical, Inc.
28 Nov, 2023, 15:13 ET
- Investors in oversubscribed financing include Synergy Ventures, Life Science Angels, and AlwaysraiseVC
- SavageMed’s groundbreaking ColoSeal System™ enables minimally invasive colorectal tumor removal, eliminating the need for 2 open surgeries in today’s standard of care
- Founding team former Spiracur executives who raised $76M from Kleiner Perkins, New Leaf Ventures and others prior to being successfully acquired (now 3M Science)
SAN FRANCISCO, Nov. 28, 2023 /PRNewswire/ — Savage Medical, Inc. (“SavageMed”, “Company”, “We”, or “Us”), a San Francisco Bay Area-based, clinical-stage medical technology company enabling minimally invasive colorectal tumor removal, today announced a launch out of stealth with over $3 million in total funding, including oversubscribed financing from leading early-stage medical technology investors including Synergy Ventures, Life Science Angels and AlwaysraiseVC. Capital raised contributes to SavageMed’s ongoing clinical trial of its groundbreaking ColoSeal™ System. SavageMed’s ColoSeal™ has been successfully tested in human clinical trials with positive results.
“Today, surgery for colorectal tumors frequently requires up to 3 surgical procedures to remove the tumor and avoid the side effects of the tumor removal, including the dreaded need for a temporary ostomy bag,” said Ankit Sarin, M.D., M.H.A., Chief, Division of Colorectal Surgery, Vice Chair of Robotics & New Technologies, Department of Surgery, UC Davis Health. “ColoSeal allows a one-time, minimally invasive procedure after the tumor removal that potentially eliminates the need for the additional surgical procedures and avoids need for an ostomy.”
“Every year, there are 1.9 million people diagnosed with colorectal cancer. 35% of these patients have localized tumors which require surgery to remove,” said Kenton Fong, M.D., Chief Executive Officer of Savage Medical, Inc. “We are thrilled to close this latest financing to continue advancing the ColoSeal System through clinical trials. Our vision is to replace the multiple surgical procedures and complications that hundreds of thousands of colorectal patients endure each year with a minimally invasive solution.”
About Savage Medical, Inc.
Savage Medical, Inc (“SavageMed”) is a clinical-stage, San Francisco Bay Area-based medical technology company founded by former Spiracur (now 3M Science) executives developing the ColoSeal™System to enable minimally invasive colorectal tumor removal. SavageMed has been selected as a UCSF Rosenman Innovator company, a MedTech Innovator company, and has been the recipient of both U.S. National Cancer Institute (NCI) and U.S. National Science Foundation (NSF) Small Business Innovation Research (SBIR) grants. Existing investors include Synergy Ventures, Life Science Angels, and AlwaysraiseVC. To learn more, visit www.savagemed.com.
Contacts:
Kenton Fong, Chief Executive Officer
369259@email4pr.com
510-206-0549
SOURCE Savage Medical, Inc.
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