Neo Medical raises CHF 13.2M to fuel growth and expansion

Neo Medical has developed a universal surgical platform, including five instruments and fourteen implants only, covering most spine indications. The solutions enable spine surgeons to limit stress overload on patients’ spines, thus potentially reducing risks of screw loosening, hardware failure, and eventually further reducing re-operation risks, while improving overall patient outcomes. Neo Medical fixation solutions also provides everyone involved in spinal surgery with an easier and more efficient experience.

Growth 0f 63% in Q1 2020
The company has already received CE and FDA approvals for its pedicle screw system and cage system. With a global approach, Neo Medical currently focuses its effort on five strategic markets: the USA, Germany, Spain, Switzerland, and France. Since the market launch in 2017, Neo Medical products are being used in 250 hospitals in 15 countries worldwide, with over 90% of surgeries coming from recurrent users. The company aims at doubling its sales on a yearly basis. It has delivered a 63% growth in Q1 2020 despite the global pandemic context.

Building in this success and to fuel growth and expansion in the five strategic markets, the startup, which employees 26 employees, has obtained fresh capital of CHF 13.2 million in a financing round led by 4FO Ventures. Existing shareholders, including Credit Suisse Entrepreneur Capital Ltd. as well as new partners such as Investiere, participated in the capital increase.

Along with the financing round, Neo Medical announced that two leading Medtech professionals are joining the company Board: Michel Orsinger as Member, and Oern Stuge as Chairman of the Neo Medical Board of Directors. Michel Orsinger led the largest orthopaedic company DePuy Synthes from 2012 to 2015, following the sale of Synthes to Johnson & Johnson for $20 billion. His health care experience started with Novartis, where he held different global divisional leadership roles.

Oern Stuge, is the Chairman & CEO of Orsco Life Sciences with a 12-year experience at Medtronic Inc. where he held several senior leadership positions. He has served on different Boards, which to date led to five successful exits and two successful IPOs. Prior to Medtronic, Oern held senior management positions at Abbott Laboratories and acted as CEO of a Norwegian start-up. “I am excited about the opportunity to serve on the Board of such an innovative company and to contribute to carrying Neo Medical’s unique value proposition into healthcare systems and institutions worldwide", he said.

(Press release/RAN)
Picture: Neo Medical