NEOS Surgery finalises €5-million operation with Avançsa joining its shareholders

NEOS Surgery, a company that researches, develops and markets implantable surgical devices for brain, spinal and cardiothoracic surgeries, has closed a €5-million funding operation, with Avançsa and Jiadel Medical joining its shareholders.

It is a co-investment operation resulting from a deal reached in 2018 with Jiadel Medical (international distribution partner) that combined a capital injection and a sales deal. The capital increase with Avançsa in 2020 culminates an operation that totalled €5 million in a combination of capital, business and a €1-million loan (dependent on getting the investment).

Avançsa, a company run by the Catalan Ministry of Enterprise and Knowledge that promotes companies with potential for growth and international aspirations, got the green light from the Government of Catalonia to invest in NEOS in 17 March.

“This operation is key for NEOS Surgery to advance towards its next business milestones, including clinical validation of the new DISC care™ solution and the regulatory process to get international and EC certification backing its commercialization,” noted Lluís Chico, managing partner of NEOS Surgery, second vice-president of CataloniaBio&HealthTech and member of the health engineering committee at the Official Association of Industrial Engineers of Catalonia (COEIC).

NEOS Surgery currently has two devices on the market, Cranial LOOP™ and Cranial COVER™ to close craniotomy flaps without instruments. In 2021, the company expects to launch a new non-traumatic surgical closing device for cardiac surgery, and this year has begun a precommercial clinical study on DISC care™, a device that will help solve herniated lumbar disks. “The first results of the clinical study are very positive. We’ve developed a system that will open up a new paradigm in treating herniated disks,” notes Lluís Chico. DISC care™ has been implanted in patients at five university hospitals that are benchmarks in non-invasive surgery and spinal treatments.

NEOS Surgery closed out 2019 with €1.5 million in revenue, with sales in 12 countries in Europe, the United States, Latin America and Asia.