UM Baltimore, SurgiGyn enter exclusive licensing deal for medical device technology
University of Maryland (UM) Ventures and SurgiGyn, a developer of minimally invasive surgical devices, announced that the company has executed an exclusive licensing arrangement for the rights to innovative laparoscopic surgical device technology developed at the University of Maryland, Baltimore (UMB).
SurgiGyn also announced that it has closed a seed round of funding from UM Ventures and a private investor. Proceeds from the financing will be used to accelerate the development of the company's Uterine Electrosurgical Device (UED).
The UED is designed to address the most technically challenging and rate-limiting aspects of laparoscopic hysterectomy. The device identifies and automatically positions a blade at the exact location required enabling the precise, reproducible dissection of the cervix and uterus from surrounding tissue.
SurgiGyn is working with Baltimore-area engineering and manufacturing company, Harbor Designs, to develop and manufacture the UED. SurgiGyn anticipates initiating a clinical study in the United States in 2017.
SurgiGyn is a University of Maryland, Baltimore (UMB) startup company founded by the UED inventors Roger Brecheen, M.D., an obstetrician-gynecologist from Jackson, Wyoming, and Vadim Morozov, M.D., Assistant Professor of Obstetrics, Gynecology and Reproductive Services at the University of Maryland School of Medicine. The company will locate its headquarters in the historic Lion Brothers Building located in downtown Baltimore.
"Hysterectomy is the second most common surgery among women. The UED is designed to significantly simplify minimally invasive hysterectomy procedures, providing a safe and more effective solution that improves patient outcomes and reduces surgical time," said Dr. Brecheen, Co-founder and President of SurgiGyn.
"We continue to be impressed with SurgiGyn's commitment to delivering transformative medical device innovations to women's health. The team has already made tremendous progress with its minimally invasive surgical device for laparoscopic hysterectomy," said Phil Robilotto, DO, MBA, Chief Commercialization Officer for UM Ventures, Baltimore.
SurgiGyn, based in Baltimore, Maryland, is developing innovative minimally invasive surgical devices for gynecological surgery. SurgiGyn's Uterine Electrosurgical Device (UED) is designed to enable precise, reproducible and efficient dissection of the uterine cervix in laparoscopic hysterectomy.
Source: Company Press Release