Surgical Innovation Associates Raises $15M in Series B Round

Surgical Innovation Associates Inc. (SIA), is $15 million more financially sound these days.

The company closed a Series B round of financing that will be used to support the firm’s commercial expansion and conduct clinical investigations of its products. “SIA has achieved commercial, clinical, and operational milestones in a short time period and amidst challenging market conditions,” said Robert L. Parkinson III, who joined the board as Series B director. “This robust investment signals investors’ vote of confidence that the company’s achievements and recent strategic additions to its executive team will open up opportunities for both near- and long-term growth.”

Pioneer Healthcare Partners LP led the oversubscribed Series B round with participation from new and existing investors as well as current board members, who have collectively injected more than $20 million into the company since its 2016 founding.
 
SIA’s flagship product, DuraSorb Monofilament Mesh, is a next-generation, bioabsorbable scaffold developed to provide mechanical support during the early phases of wound healing, enabling rapid and strong native tissue ingrowth, followed by gradual resorption over one year.^1,2 The product family is cleared in both the United States and Europe; it is also subject of an ongoing pivotal trial for prosthetic breast reconstruction under an Investigational Device Exemption from the U.S. Food and Drug Administration (FDA).
 
This financing milestone is an early achievement in the tenure of SIA CEO Josh Vose, M.D., MBA, who joined the company last May. “Josh’s combined commercial, clinical, and regulatory experience is a powerful asset to SIA at this stage in our evolution—we’re excited to have him and look forward to his ongoing leadership,” said Alexei Mlodinow, M.D., MBA, SIA co-founder and board director. Mlodinow, the founding CEO of SIA, began his plastic and reconstructive surgery residency at Northwestern Memorial Hospital in June 2021.
 
Vose has an extensive background in medical device development and commercialization. He has spent much of his career growing early-stage ventures to scale, with a particular focus on surgical devices in the fields of breast oncology and reconstruction, first at PEAK Surgical (creators of the PlasmaBlade) and then later at Medtronic plc, following the acquisition of PEAK. In addition to PEAK, Vose’s history included key roles at Tibion Corp. (acquired by Alter-G, Inc.), EndoArt S.A. (acquired by Allergan), and SaluMedica LLC. Most recently, Vose was chief medical officer for EnClear Therapies, developer of a novel technology to improve drug delivery and pharmacokinetics in the central nervous system.

Vose earned a bachelor of science degree in chemical engineering from the Georgia Institute of Technology, a medical degree from the Medical College of Georgia, and an MBA from the Sloan School of Management at MIT. He completed his general surgery training at Beth Israel Deaconess Medical Center in Boston. 
 
“Since DuraSorb’s launch, we have received clear and consistently favorable customer feedback and have seen robust growth in product adoption. SIA’s products are clearly fulfilling an unmet need in plastic and reconstructive surgery,” said Vose. “This Series B round sets the stage for us to expand our efforts to raise the standard of care in surgery.”
 
Founded in Chicago in 2016, SIA created the DuraSorb product family and has led it from ideation through FDA 510(k) clearance, CE marking, and into the operating room. In the United States, the device has been cleared only for use in reinforcement of soft tissue where weakness exists, and remains investigational for specific applications in breast reconstruction and aesthetics.
 
References
¹ Clinical data on file. Study 19-002: Real-World Application of DuraSorb® Monofilament Mesh: An Open-Label Registry Study of Soft Tissue Support in General and Plastic Surgery.
² Mlodinow A, Yerneni K, Hasse M, Cruikshank T, Kuzycz M, Ellis M, et al. Evaluation of a Novel Absorbable Mesh in a Porcine Model of Abdominal Wall Repair. Plast Reconstr Surg Glob Open. 2021;9:e3529.