Medrobotics confirms $20m funding round

Medrobotics, which developed the Flex robot-assisted surgery platform, today confirmed a $20 million funding round 1st reported by MassDevice.com last month.

The Raynham, Mass.-based company won expanded CE Mark approval in the European Union last October for Flex for performing colorectal procedures. The system won 510(k) clearance from the FDA for transoral procedures in July 2015 (that indication won CE Mark approval back in March 2014). Medrobotics claims to be the 1st robotics firm to offer minimally invasive and steerable robotic products for colorectal applications.

The company raised $25 million in November 2015. The latest round of $20.0 million, involving 12 unnamed investors, logged its 1st sale Jan. 20, according to a regulatory filing. Today the company said the round was backed by existing investors; the proceeds are slated for expanding into new areas including single-port general and gynecological procedures. The cash will also go toward developing the next iteration of the Medrobotics Flex “with more fully robotic instrument options,” the company said.

Last summer Medrobotics touted data from an 80-patient post-market study of the Flex device in procedures to treat throat lesions, showing that the system was able to successfully visualize and access the target area in 94% of cases, with 91% resulting in successful biopsy. Fifty-eight percent of the procedures were performed in areas the surgeons considered “difficult to reach,” such as the tongue base and vocal chords.

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