Italy-based robotics company Medical Microinstruments (MMI) has secured $75m in a Series B financing round led by Deerfield Management.
The financing round also saw the participation from new investors, RA Capital Management and Biostar Capital, as well as existing investors, Andera Partners, Fountain Healthcare Partners, Panakès Partners and Sambatech.
MMI also announced its corporate redomicile from Italy to the US and the expansion of its board of directors by three new members.
The company’s production, R&D, and other business operations will continue to be centralised at the 96-employee Centre of Excellence facility in Pisa, Italy.
MMI’s planned US presence and the proceeds from the round will propel the company into its next stage of expansion to enhance the standard of patient care via expanding the realm of microsurgery.
The company aims to increase indicators and support the commercialisation of its CE-marked Symani Surgical System in Europe.
Additionally, MMI seeks to enhance clinical research by obtaining an Investigational Device Exemption (IDE) from the US FDA to speed up preparations for commercialisation in the US and Asia-Pacific.
Medical Microinstruments chief executive officer Mark Toland said: “This financing round, coupled with our commitment to access the U.S. market and the addition of visionary leaders to our board, is an exciting moment for the surgical robotics space.
“We’re pleased to have bridged the Atlantic with premier U.S. life science investors, and existing European investors, who share our same vision of bringing microsurgical robotics to the world.”
The Symani Surgical System is intended to make it easier for surgeons to fix anatomical systems including veins, arteries, nerves, and lymphatic vessels that have a diameter as small as 0.3mm.
The company said that its NanoWrist technology is the smallest wristed instrumentation in the world and is meant to enhance the inherent dexterity and range of motion beyond the capability of the human hand.
