Xaga Surgical, which promotes innovative medical needles to minimize the risk of infection, has raised SEK 4 million through a private offering.
Xaga Surgical AB was founded in 2016 by Dr. Andreas Forsvall, a specialist in surgery and urology, who realized that the current needle design is a major contributor to post needlestick infection and that solutions were lacking.
Since then, a biopsy needle for prostate cancer diagnosis has been developed and clinically tested, with excellent results both in minimizing the amount of bacteria transmitted by the needle and improving the quality of the tissue samples. Two scientific papers concerning the company’s product were recently published in the Scandinavian Journal of Urology.
China, a major player in the medical needle field, recently granted a patent for the Xaga Surgical biopsy needle. Xaga Surgical has previously been granted patents in Sweden, Europe and Japan, and has a pending patent application in the US.
The SEK 4 million that was raised will be earmarked to bring the product to commercial production and to seek 510(k) clearance from the FDA in order to sell the product in the US market. This is of particular interest because prostate cancer diagnostics is well-established and the incidence of prostate cancer is high in the US.
“The new capital injection will last into 2022 and help us achieve important milestones as we prepare for serial production and commercialization of the product, which are important steps for the technology to reach patients,” says Andreas Forsvall.
Carl Westin AB, a company owned by Christian W Jansson, who is chairman of the Board of Directors of Xaga Surgical, subscribed for all shares in the private placement.
The Xaga Surgical solutions are patent pending and the company has previously received funding from sources such as Medtech4Health and Vinnova to develop products.
Xaga Surgical is an incubator company at SmiLe Incubator.
For more information, please contact: Andreas Forsvall, CEO, Xaga Surgical, +46 (0)707 603593, email@example.com
About Xaga Surgical AB:
Xaga Surgical is an innovative Swedish medtech company that is passionate about minimizing the risk of infection by developing safer needles for medical use.
Xaga Surgical focuses on the core of infection prevention: greatly reducing the amount of bacteria that accompany the needle into the body. Because of the increasing prevalence of antibiotic resistance in Sweden and the rest of the world, health care desperately needs new infection prevention methods. Xaga Surgical develops patented and patent-pending medical needles designed for a variety of situations where there is a risk of infection. One example is Xaga Surgical’s biopsy needle designed for prostate biopsies, which reduces the amount of bacteria by an impressive 96%.
Read more about our Xaga Surgical innovative medical needles at www.xagasurgical.com.
SmiLe Incubator is a life science business incubator based in Medicon Village in Lund, Sweden. SmiLe helps entrepreneurs commercialize their ideas. There are currently 25 companies in SmiLe which, together with alumni companies, have attracted more than EUR 460 million in venture capital to date since 2014. SmiLe offers excellent business coaching, a broad international network of contacts and a dynamic community, as well as well-equipped laboratories which is unique of its kind in Sweden. SmiLe is a non-profit organization and receives basic funding from Region Skåne, Lund Municipality, Lund University and Medicon Village. SmiLe´s sponsors are Agilent, Sparbanken Skåne, Awa, Høiberg, Prevas, Setterwalls, Zacco, Aqilion. SmiLe’s listed alumni companies have a market capitalization of EUR 1,3 billion (Q1 2021). www.smileincubator.life