Savage Medical, Inc. (“SavageMed”, “Company”, “We”, or “Us”), a San Francisco Bay Area-based, clinical-stage medical technology company enabling minimally invasive colorectal tumor removal, today announced a launch out of stealth with over $3 million in total funding, including oversubscribed financing from leading early-stage medical technology investors including Synergy Ventures, Life Science Angels and AlwaysraiseVC. Capital raised contributes to SavageMed’s ongoing clinical trial of its groundbreaking ColoSeal™ System. SavageMed’s ColoSeal™ has been successfully tested in human clinical trials with positive results.
“Today, surgery for colorectal tumors frequently requires up to 3 surgical procedures to remove the tumor and avoid the side effects of the tumor removal, including the dreaded need for a temporary ostomy bag,” said Ankit Sarin, M.D., M.H.A., Chief, Division of Colorectal Surgery, Vice Chair of Robotics & New Technologies, Department of Surgery, UC Davis Health. “ColoSeal allows a one-time, minimally invasive procedure after the tumor removal that potentially eliminates the need for the additional surgical procedures and avoids need for an ostomy.”
“Every year, there are 1.9 million people diagnosed with colorectal cancer. 35% of these patients have localized tumors which require surgery to remove,” said Kenton Fong, M.D., Chief Executive Officer of Savage Medical, Inc. “We are thrilled to close this latest financing to continue advancing the ColoSeal System through clinical trials. Our vision is to replace the multiple surgical procedures and complications that hundreds of thousands of colorectal patients endure each year with a minimally invasive solution.”