Surgical Innovation Associates (SIA), a Chicago, IL-based medical device spin-out from Northwestern University, raised $4M in a Series A financing.
Backers included key opinion leaders in plastic and reconstructive surgery; C-level executives of large, publicly-traded medical device corporations; and new investors such as Harvard Business School Angels (Global) and Gopher Angels (Minneapolis, MN). In addition, Ryan Egeland, MD, PhD, joined the SIA board as the Series A Director.
The company, which has now raised $6.5M since its founding in 2016, intends to use the funds to finance early commercial efforts, further regulatory approvals, and continued development of additional products.
Led by Alexei Mlodinow, CEO and co-founder, Surgical Innovation Associates is focused on developing and commercializing medical products in the market for devices in reconstructive and aesthetic surgery.
The company has developed DuraSorb® product line from ideation through FDA 510k clearance and into the operating room. Much like an absorbable stitch, DuraSorb Monofilament Mesh is designed to integrate into the patient’s tissue in order to provide strong support during the critical initial phases of healing, and then slowly dissolve within one year, leaving the patient free from foreign material.
The company plans to pursue investigation and development of additional products and indications for breast reconstruction and facial aesthetic applications, among others.