Piomic Medical raises CHF 7.5M oversubscribed financing round

There are about 50 million reported cases of patients suffering and this has created a severe cost burden on global healthcare systems. The timely transfer of patients from stationary settings to less expensive post-acute care settings, such as the outpatient or homecare setting, has become a top priority to reduce health care costs in developed countries.

Piomic Medical, a Zurich-based ETH Start-up and pioneer in the development of innovative medical devices for the treatment of hard-to-heal wounds developed a proprietary COMS therapy, which incorporates the technology for concurrent optical and magnetic stimulation. The therapy integrates smoothly into the patient’s healing journey, with applications in stationary and ambulant facilities but also in patients’ homes. Along with the possibility for self-administration, the COMS One device offers optimal conditions to enable patient self-management in a cost-effective manner.

Following the publication of its first-in-human clinical trial, Piomic recently demonstrated significant clinical benefits of its technology in therapy-refractory wounds of various etiologies. In a multicenter, prospective, comparative clinical trial the safety and effectiveness of COMS treatment were investigated in wound care excellence centers in Switzerland.

Furthermore, Piomic introduced its product in selected global advanced wound care markets during an initial soft launch, receiving great customer feedback with over 5.000 treatments performed and 450 patients treated. Clinicians and nurses are impressed by the effectiveness and ease of use of COMS therapy.

Today, the startup announces the closing of its oversubscribed Series A round lead by Swiss Diabetes Venture Fund (SDVF). Additional new investors joining the round include Verve Ventures, Zürcher Kantonalbank, NEST pension fund, a conglomerate of private investors as well as participation through the SERI-funded EIC Accelerator Grant for ground-breaking Swiss innovations.

Expanding clinical research in the United States
Piomic is now initiating a large randomized controlled trial (RCT) to strengthen the body of evidence for clinical efficacy and subsequent US market clearance of COMS therapy via the FDA De-Novo pathway. The “MAVERICKS” clinical trial focuses on the beneficial effects of COMS treatment in patients suffering from therapy refractory diabetic foot ulcers. These hard-to-heal wounds pose a particular challenge for patients and therapists, but also have severe economic implications for healthcare systems, and society as a whole. In the US alone, it is estimated that the cost of chronic wound care ranges from 28 to 50 billion USD per year. Further non-dilutive funding will be used to integrate COMS therapy with telemedicine solutions to navigate the complex care-delivery system for chronic wound patients at home.

(Press release/RAN)