Deerfield Management led the round with participation from new investors, RA Capital Management and Biostar Capital, as well as existing investors, Andera Partners, Fountain Healthcare Partners, Panakès Partners and Sambatech. The company also announced the addition of three new members to its board of directors.
In addition, the company announced its corporate redomicile from Italy to the United States. The recently opened Center of Excellence facility in Pisa, Italy, with 96 employees will continue to be the hub of the company’s research and development, manufacturing, and other business activities.
Proceeds from this financing round and the company’s planned U.S. presence seek to launch MMI into its next stage of growth as it seeks to improve the quality of patient care by pushing the boundaries of microsurgery. The company also seeks to expand indications and support ongoing commercialization efforts for the Symani Surgical System in Europe where it received CE mark in 2019. The Symani System was developed specifically to address the challenges of microsurgery and offers NanoWrist Instruments designed to improve a surgeon’s ability to access and suture small, delicate anatomy.
“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,” says Mark Toland, CEO of MMI. “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 designed to improve a surgeon’s ability to repair anatomical structures such as veins, arteries, nerves and lymphatic vessels as small as 0.3 mm in diameter. The platform provides motion scaling and tremor reduction to allow precise micro-movements. Its NanoWrist technology is the world’s smallest wristed instrumentation and is intended to improve a surgeon’s natural dexterity and range of motion beyond the capability of the human hand.