Fidmi Medical Ltd. has announced completion of a $2.2 million financing round and launched its FDA-cleared low-profile Percutaneous Endoscopic Gastrostomy (PEG) device in the U.S. Investors in the round include leading medical technology company Micro-Tech (Nanjing) Co., Ltd. (688029: Shanghai), The Trendlines Group (SGX: 42T) (OTCQX: TRNLY), and Agriline. Micro-Tech has been named Fidmi’s exclusive distributor in the U.S. and China.
Gastrostomy tubes, which help patients receive long-term nutritional support, are typically placed endoscopically and are replaced every 3-6 months. Complications such as clogging and dislodgement are common, resulting in inadequate nutrition and medication delivery, numerous tube replacements, and hospitalizations, all at substantial cost to patients and the health care system.
Within this $800 million market, Fidmi Medical’s innovative low-profile gastrostomy system can be utilized for both initial placement and replacement and is more durable and comfortable for patients. Fidmi’s improved low-profile gastrostomy tube has a replaceable inner tube that can easily be changed by patients without the assistance of medical professionals and a highly stable internal bumper that is resistant to accidental dislodgement. These features are expected to result in fewer complications, reducing healthcare costs for payers and healthcare systems. The Fidmi PEGs will provide a substantial improvement in quality of life for patients and their caregivers.
Fidmi Medical CEO Shahar Millis remarked, “We are truly excited to embark on the market entry phase for Fidmi. With FDA clearance and strategic collaboration with Micro-Tech, a leader in this field, we are well-positioned to make a real difference for people requiring long-term nutritional support.”
“Together, we saw the opportunity to distribute a device that positively impacts patients and helps them get back to living their lives. We worked quickly to align on a distribution plan that allows the system to be accessible by more physicians — meeting their needs for more efficient and higher quality patient care, all while tangibly reducing the cost,” said Chris Li, President of Micro-Tech Endoscopy USA. “We are proud to partner with Fidmi and applaud their success in improving patient quality of life.”