Editors’ Choice: Q3 2024 in MedTech 

In Q3 2024, the MedTech industry witnessed significant advancements, with several key trends shaping the sector. The most important developments include the rise of AI-driven solutions, remote patient monitoring, and a focus on non-surgical robotics and clinical-grade wearables. In our editors’ recap, we are celebrating the notable milestones reached by some of the key players in the industry.  

Funding   

In July, Deepc has closed a $13 million Series A extension round, bringing the German company’s total funding to $30 million. Deepc said the funding will be used to advance its deepcOS system. The company is eyeing international expansion, with a priority on penetrating the US market, further expanding in the UK, and doubling down in European regions.  

August saw sleep apnea therapy maker XII Medical closing a Series B equity financing worth proceeds of $45 million. The company develops a state-of-the-art, patient-centric neuromodulation therapy system, which designed the technology to enhance the quality of life for people with obstructive sleep apnea.

This was followed up by the announcement from Caresyntax, which raised $180 million funding to accelerate precision surgery. The platform is medical grade, interoperable and allows the capture and use of novel data and applications to enhance surgical precision and patient safety.

Later in August, Jupiter Endovascular secured $21 million in new finding as the company looks to forge its new type of endovascular procedure. US-based Jupiter is developing the endoportal procedure, which uses a namesake device called the Endoportal Control that can be fixed into a stable state to deliver “interventional treatment with surgical-like precision and control from an endovascular access point”.

In September, Venova Medical raised $30 million in Series B funding. The company, developing technology for the creation of percutaneous arteriovenous fistulas (pAVF) for hemodialysis access, intends to use the funds to support clinical studies of the velocity pAVF system in patients with chronic and end-stage renal disease.

Mergers & Acquisitions

The quarter started with an announcement that Think Surgical partnered with Signature Orthopaedics. The collaboration has a SignatureOrtho knee design joining the Think Surgical ID-HUB, a proprietary data bank of implant modules for use with its FDA-cleared TMINI miniature robotic system.

This was followed by Neuronetics acquiring magnetic neurostim company Greenbrook TMS. The acquisition creates a vertically integrated organization comprised of two companies that develop transcranial magnetic stimulation (TMS) technology.

A notable announcement was made in August, with Johnson & Johnson acquiring interatrial shunt maker V-Wave for up to $1.7 billion. The MedTech giant says the planned acquisition extends its position as a leader in addressing cardiovascular disease.

September saw CooperSurgical acquiring obp Surgical, a US-based medical device company, in a deal valued at approximately $100 million. It will expand CooperSurgical’s portfolio with single-use surgical devices.

Clinical trials

July saw Signati Medical completing enrolment in its first-in-human clinical trial for the sealed vasectomy procedure using the Separo Vessel Sealing System, designed to streamline this procedure. A total of eight patients have been enroled for the trial in the US, with the idea to assess the safety and efficacy of the system for vasectomy.

Another site has enrolled its first patient in RenovoRx’s Phase III trial evaluating a drug-device combination therapy to treat locally advanced pancreatic cancer. The latest enrolment – at the University of Nebraska Medical Center (UNMC) – joins other clinical sites across the US and Belgium.

More recently, Toro Neurovascular announced the successful treatment of the first patient in a first-in-man clinical trial of its Toro 88 SuperBore Aspiration Catheter for acute ischemic stroke treatment in Japan. The procedure was conducted at Shimizu Hospital by neurosurgeon Nobuyuki Sakai and his team.

Innovation

In July, Sutter Health implemented Flosonics Medical’s wireless, wearable Doppler ultrasound device, FloPatch, to enhance the safety of ICU patients. The technology offers a fast, hands-free method for clinicians to assess blood flow, aiding in the management of cardiopulmonary resuscitation and fluid administration in critically ill patients.

Soon after, Enovis unveiled its STAR Ankle system with new e+ Polyethylene, the first and only mobile-bearing ankle system with e+ Polyethylene in the US. The implant’s new, vitamin E-blended e+ Polyethylene insert offers improved durability, stability and longevity.

Ocutech also launched a device to aid with vision loss after stroke and brain injury. SideSight will allow individuals who have experienced loss of side vision to walk safely without concerns of bumping into obstacles or being startled by individuals walking into their path.

Recently, Butterfly Network launched its third-generation handheld point-of-care ultrasound (POCUS) system in Europe. The semiconductor-based, single-probe, whole-body ultrasound offering iQ3 features a brand-new ergonomic design and provides double the data processing speed compared to previous generations.

Regulatory Approvals

In the beginning of the quarter, Asensus Surgical received FDA 510(k) clearance for an expanded surgical robot indication. The Research Triangle Park, North Carolina-based company’s Senhance surgical system can now treat adult and pediatric urology patients.

In August, Renata Medical shared the FDA approved its first-of-its-kind Minima growth stent tailored for neonates, infants and young children. The company designed the stent to re-expand throughout the child’s growth period. 

Later on, CereVasc received FDA breakthrough device designation for its eShunt system for treating normal pressure hydrocephalus (NPH). eShunt offers a minimally invasive endovascular treatment option.

In September, Aspivix announces MHRA approval for Carevix device to be used in the United Kingdom. By focusing on minimally invasive, patient-centric solutions, Aspivix says it aims to ensure a positive experience for all women by alleviating the pain and bleeding associated with gynecological transcervical procedures such as coil fitting, hysteroscopies, endometrial biopsies.

Guided Solutions is the Executive Search partner of choice in the global MedTech industry. We connect visionary companies with our continually expanding network of 180,000+ MedTech professionals, fulfilling the potential of technology and talent.  

Whether you have a priority hire that requires immediate attention, or you are exploring the idea of adding to your team and would like some advice, contact us today, and we will guide you through the hiring journey.