Galway MedTech company SymPhysis Medical has today announced a significantly strengthened senior team and plans for rapid growth as it prepares for its device's US launch.
Founded by CEO Tim Jones and chief scientific officer Dr Michelle Tierney, SymPhysis Medical has developed a device which can be used by cancer patients who are receiving palliative care to relieve the symptoms of fluid in the chest.
With clearance from the US Food and Drug Administration (FDA) targeted by 2026, SymPhysis Medical aims to launch its device within the next 18 months and to reach €40m in revenue by 2030.
In the most recent funding round, SymPhysis Medical has raised €2.8m and it expects to close a further €3.7m from a combination of current and new investors by April 2025.
SymPhysis Medical expects to represent 20% of the US market by 2030 and 10% of the European market in the same period. This will mean that 35,000 patients could be benefiting from its product by 2030.
The company said that Joe Villanova, VP Sales and Marketing, will drive its penetration of the US market.
He has more than 35 years of experience in commercialising medical devices and has has held leadership roles in multinationals including Baxter Healthcare and Becton Dickinson.
Meanwhile, Niamh St John Lynch, Director of Quality Assurance and Regulatory Affairs, has 30 years of international experience in the pharmaceutical and medical device industries.
The company will also benefit from a strengthened board of directors.
David Uffer has almost 35 years of experience in the life sciences industry, while Gerard Ryan is a serial entrepreneur and experienced investor.
Tim Jones, CEO of SymPhysis Medical, said for six years, the company has been laser-focused on its mission to help late-stage cancer patients to ease a very distressing condition at an extremely difficult time for them.
"Our ultimate goal of reaching patients with our device is now in sight. Helping us to achieve that is the backing from renowned industry investors, who have enabled us to get to this point and expand our footprint to the US in preparation of launching the releaze there," he said.
