Xaga Surgical, which promotes innovative medical needles to minimise the risk of infection, has raised SEK 4 million (approx. £3.4 million) through a private offering.
Xaga Surgical AB was founded in 2016 by Dr. Andreas Forsvall, a specialist in surgery and urology, who realised that the current needle design is a major contributor to post needlestick infection and that solutions were lacking.
Since then, a biopsy needle for prostate cancer diagnosis has been developed and clinically tested, with excellent results both in minimising the amount of bacteria transmitted by the needle and improving the quality of the tissue samples. Two scientific papers concerning the company’s product were recently published in the Scandinavian Journal of Urology.
China, a major player in the medical needle field, recently granted a patent for the Xaga Surgical biopsy needle. Xaga Surgical has previously been granted patents in Sweden, Europe and Japan, and has a pending patent application in the US.
The SEK 4 million that was raised will be earmarked to bring the product to commercial production and to seek 510(k) clearance from the FDA to sell the product in the US market. This is of particular interest because prostate cancer diagnostics is well-established, and the incidence of prostate cancer is high in the US.
Andreas Forsvall said: “The new capital injection will last into 2022 and help us achieve important milestones as we prepare for serial production and commercialisation of the product, which are important steps for the technology to reach patients.”
Carl Westin AB, a company owned by Christian W Jansson, who is chairman of the Board of Directors of Xaga Surgical, subscribed for all shares in the private placement.
The Xaga Surgical solutions are patent pending, and the company has previously received funding from sources such as Medtech4Health and Vinnova to develop products.
